By Zebedee Kumpio
Minister for International Trade and Investment, Hon. Richard Maru, has confirmed that Taskforce Shield will pursue additional arrests in connection with the investigation into alleged financial irregularities within the Pacific Balance Fund (PBF).
He revealed that Lawrence Stephens and Jerry Singirok have been arrested due to their alleged involvement in these significant financial discrepancies. Minister Maru also indicated that further charges will be forthcoming as the investigation continues.
Taskforce Shield, established by the government in May 2024, is probing illegal activities related to the management of PBF by Melanesian Trustee Services Limited (MTSL). MTSL, managed by Fijian national John Sanday, served as both fund manager and trustee for over two decades.
Minister Maru said a substantial financial irregularity was reported, including K30 million missing from the 2016-2017 period and illegal loans totalling K8 million. Other accusations involve the sale of PBF shares leading to a K120.8 million loss, which was redirected to bail out another entity. Additionally, there was a failure to conduct required Unit Holder meetings for 22 years, and K222.3 million in self-payments compared to K41.7 million in dividends to unit holders.
Further revelations include a questionable K120 million investments into dormant subsidiaries and manipulation of the Unit Holder Registry, which may have concealed fraudulent activities.
Minister Maru noted that despite the Securities Commission revoking MTSL’s license, the company continued to act as fund manager and trustee. Given the seriousness of these issues, the Marape-Rosso Government initiated Taskforce Shield to investigate individuals regulated by the Capital Markets Act 2015 and those in decision-making positions within MTSL.
“The Taskforce has identified Mr Lawrence Stephens and Mr Jerry Singirok as persons of interest. They have been charged by police for offences under the Capital Market Act 2015 for continuing to access the assets and accounts of the PBF subsidiary companies. The matter is now before the courts, and I refrain from commenting on ongoing court cases,” Maru said.
“The Government is committed to protecting the interests of the unitholders and the public,” Maru stated.
“Any arrests made are based on findings by the police and the taskforce. The government and I are not privy to these decisions, and such actions cannot be labelled as politically motivated.”
He dismissed Singirok’s claims of a “political witch hunt” as desperate attempts to mislead the public.
Maru assured the public of the government’s determination to combat corruption and ensure justice.
“The Taskforce Shield has the full support and endorsement of the Government and must be allowed to complete its investigations,” Maru declared.
“Every person of interest identified in the investigation report will be arrested and brought before the Court. This should serve as a lesson not to entrust funds like the PBF to individuals who exploit them for personal gain at the expense of ordinary citizens.”
Minister Maru said that he will not rest until those involved in the misuse of K200 million are held accountable.
