By CYRIL GARE – Freelance Journalist
POLICE have September 5, 2024 as “last chance” to arrign three senior officials of Melanesian Trustee Services Ltd (MTSL) in court or risk a struck out of their cases.
Waigani Committal Court Magistrate Paul Puri Nii issued the warning this morning in the presence of the accuseds with their lawyer, Desmond Kipa when commenting on a request by prosecution for further adjournment.
An arrignment is a pivotal prelude process of our criminal justice system where the accused is given the opportunity to have his or her charge/s read out by a judge or magistrate and asked whether he or she understands the charge/s.
This comes first before the “mention” stage.
However, in these matters of army Major General, Jerry Singirok retired (Director, MTSL), Peter Mase (Director, MTSL) and Lawrence Stephens (co CEO, MTSL) police have yet to obtain “an election” (clarification) from Public Prosecutor whether to have their matters heard at Gr.5 Committal Court or at National Court.
Lawyer for the accused, Desmond Kipa told Magistrate Paul Puri Nii that it was a matter of concern for his clients as “they’ve been held for a month now but have not been arrigned…Court to consider that the period has lapsed”.
Lawrence was arrested by police on 8 July, Singirok on 24 July, and Mase on 30 Jul all charged under the Capital Markets Act.
The police prosecutor told the Court that the reason for police unable to obtain an election quicker was because they couldn’t get hold of Public Prosecutor.
The prosecution says it needs clarification from Public Prosecutor as to which Court has jurisdiction over offences committed under the Capital Market Act.
Grade 5 Magistrate, Paul Puri Nii has given police prosecutors next Thursday, 5 Sep to obtain an election.
“All criminal matters start here at this Court. If you can’t get this done in seven days, I will rule that the charges are defective.
“I give you one more chance…”, Nii warned.
MTSL has been trustee and fund manager of Pacific Balance Fund (PBF) since 2002. During its reign, Fund assets increased from K75 mill to currently K750 mill going towards a billion kina mark.
PBF, formerly Investment Corporation Fund of PNG manages the funds of around 20,000 ordinary Papua New Guinean unit holders.
Sadly, in September last year, its Capital Market License was revoked by Securities Commission of PNG (SECOM) over allegation of a K222 million losses on balance sheet.
While MTSL strongly denies culpability on its part and appeals the revocation of its CML in Court, the Government went ahead and launch the Task Force Shield to investigate.
Weathermen Capital Advisors Ltd (WCAL) was appointed interim fund managers by SECOM (in place of MTSL) is spearheading the investigation.
The arrests of the three senior MTSL officials mentioned were to do with official handing over of responsibilities and giving access to WCAL to the Trust Deed and such other company information.
