Probe into trust funds continues

INVESTIGATIONS into Western people’s dividends trust, also known as the community mine continuation agreement (CMCA) trust funds of K268 million, continue as more information comes to hand, Police Commissioner David Manning says.
He told The National that investigators weren’t far off from making another arrest.
So far, two people have been arrested and charged for alleged theft and misappropriation of K268 million belonging to the fund.
“It’s an ongoing investigation and once we have more information, we move on to the next phase and bring in the suspects and process them,” Comm Manning said.
“We shouldn’t be far off, depending on the collection of the evidence.”
A special police forensic and criminal investigation team led by Comm Manning are working on the case.
It is alleged that the secretary and directors of the Ok Tedi Fly River Development Foundation Ltd were misappropriated.
“The misappropriated CMCA trust funds were intended to fund and implement development projects for CMCA communities in Western,” Comm Manning said.
“The use and management of CMCA trust funds are guided by the trust instrument underpinning the CMCA trust account and are not to be used for any other purpose.
“However, the investigation, established that the funds were diverted and paid to a certain law firm, a company owned by the foundation’s secretary, specific directors’ personal bank accounts and other companies between Aug 2018 and early 2020.
“The CMCA trust account was initially under the custody of the State through its nominee, the board of trustees.
“The four signatories of the foundation purporting to represent the interest of 147,000-plus people originating from 158 villages within the CMCA corridor in Western, accessed the CMCA trust account and withdrew a total of K268 million between Aug 2018 and Feb 2020 and deposited them into non-trust, non-interest-bearing bank accounts (of) a certain law firm and (accounts) that the foundation held with different commercial banks,” Comm Manning claimed.