A PRIME property owned by the PNG Police Association was sold by two of its now suspended executives for less than half of its estimated value, it was learnt yesterday.
The property, located at the corner of Nonu Place and Sir Hubert Murray Highway in Port Moresby was reportedly sold for K300,000, about K400,000 less than its estimated market value at the time.
A police officer, who was also a member of the suspended board, said they had planned to develop an office building on that block of land.
“However, we were shocked to learn that two executives of the association had gone around our back and sold off the property very cheaply,” he told The National yesterday.
He said no property could be sold without the approval of the association’s full board of trustees.
“We never made any such decision to sell the property.
“The first time we heard about it was when it was mentioned in passing that the property had been sold during a meeting of the board of the PNG Police Association around June or July last year,” he said.
He added that the trustees had not met for the past six years.
“We do not know who bought the land or where the funds from the sale have been parked.”
The alleged abuse is the second to surface following a tug-of-war over a house on Diho Avenue, off Angau Drive.
The association and former Yangoru-Saussia MP Mr John Jaminan are both claiming ownership over the property.
The association said it paid for the property in full from its welfare fund.
Meanwhile, Industrial Registrar Helen Saleu is believed to have completed her investigations into allegations of fraud and misappropriation of funds within the group.