Scandal Unveiled: Task Force Formed to Hunt Down Perpetrators of Massive Retirement Savings Fraud in PNG
PNG Prime Minister James Marape has announced the formation of a task force to investigate losses totaling K222 million in retirement savings of Papua New Guineans. The preliminary investigations conducted by the Securities Commission of Papua New Guinea into the Pacific Balanced Fund’s activities from 2010 to 2023 revealed significant breaches of the law, resulting in substantial losses to citizens' retirement savings.
Named Task Force Shield, the inter-departmental body is charged with conducting a thorough investigation of these breaches and bringing those responsible to justice. Marape emphasized that individuals found guilty of misusing people’s investments will face the full severity of the justice system.
The establishment of Task Force Shield follows the discovery of mismanagement and illegal activities by former officials of the Melanesian Trustee Services Ltd. Allegations suggest that the entity misappropriated over K222 million from a total return of K296 million belonging to local unit holders from 2010 to 2022.
Prime Minister Marape condemned such injustices as intolerable and emphasized the government's commitment to protecting the investments of Papua New Guineans and ensuring accountability in financial management across the nation.
Under the leadership of James Joshua, executive chairman of the Securities Commission of PNG, Task Force Shield will work diligently to address these wrongs, recover assets, and ensure robust legal action against all offenders. The task force comprises respected professionals from various sectors, reflecting the nation's commitment to integrity and justice.
Marape described the initiative as a critical component of a broader reform agenda aimed at cleaning up the capital markets and fostering a transparent, attractive investment environment for both local and international investors.
Task Force Shield is expected to submit its initial findings and commence legal proceedings within the next three months.
In response to recent claims by Opposition Leader Douglas Tomuriesa regarding his international travel since taking office in 2019, Prime Minister Marape refuted the allegations, describing them as unbecoming and disrespectful towards the Office of the Prime Minister. Marape defended his international engagements, stating that they have resulted in significant achievements for Papua New Guinea on the international stage and benefited the nation as a whole.
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