Senior Nasfund officer charged in fraud probe

By CLIFFORD FAIPARIK
THE National Fraud and Anti-Corruption directorate is investigating fraud-related allegations involving some officers at the National Superannuation Fund (Nasfund), according to director Chief Superintendent Mathew Damaru.
Damaru said one senior officer had already been charged with one count of conspiracy to defraud.
“Investigation is continuing and more arrests will be made,” he said.
Damaru said they charged Nasfund Chief Investment Officer David Brown, 52, of Victoria, Australia, on Monday.
He said the allegations centred on a review of the Nasfund Investment Portfolio and the termination of Melanesian Trustees Services Limited as the fund manager for Pacific Balance Fund Limited, replacing it with Bank South Pacific Capital as the fund manager.
He said Brown was expected to appear in court this week.
Damaru said the matter was reported to police for investigation by the Melanesian Trustees Services Limited. Meanwhile, Nasfund chairman Hulala Tokome said they had done nothing wrong and would defend the charges laid against Brown.
Tokome said the person responsible for oversighting the investment portfolio in consultation with the licence investment manager was the chief investment officer.