Lawyer Gregory James Sheppard of Young & Williams Lawyers was arrested at 12 noon yesterday in Port Moresby, interviewed at the Police Headquarters, Konedobu and charged with two counts of conspiracy and another two count of false pretense over the K268 million Western Province People’s Dividends Community Mine Continuation Agreement (WPPD CMCA) Trust FundsÂ
He was later taken into custody at Boroko Cell.
The Special Police Forensic and Criminal investigations will allege that two transactions totaling K52 Million were paid into the Young & Williams Lawyers’ account and three transactions totaling K216 million were paid into the OTFRDF Ltd account.
Commissioner of Police David Manning stated that the Special Police Forensic and Criminal investigations (SPFCI) are currently continuing and the other directors of the OTFRDF and other suspects will also be brought in for inquiry into their alleged involvement in committing the fraud.
Mr Manning further said that the concept he introduced to build a strong team of investigators comprising not only of selected Police detectives but also the RPNGC Forensic Audit team comprising of Forensic accounting specialists based at the Royal Papua New Guinea Constabulary (RPNGC) headquarters to investigate high-profile criminal cases is working effectively in swiftly identifying and deterring fraud of such significant magnitude allegedly committed by Young & Williams Lawyers and Ok Tedi Fly River Development Foundation Limited.
The investigation remains ongoing and includes a detailed forensic investigation into the appointment of the OTFRDF Ltd Directors, the expenditure of the K268 Million which police will alleged were not authorised by the Trust Instrument and the bank accounts held by OTFRDF Ltd and Young & William Lawyers. This includes forwarding proceeds from the K268 million to personal bank accounts of OTFRDF directors/employees. Police will also allege that the expenditures were not consistent with the spirit, tenor and intended purpose of the WPPD CMCA Trust Funds, and used for purposes contrary to the CMCA beneficiaries.
Western Province People’s Dividends Community Mine Continuation Agreement (WPPD CMCA) Trust Funds belong to the 147,000 plus people emanating from 158 villages in the CMCA Trust Regions in Western Province.
The WPPD CMCA Trust Funds were as dividends based on 10 per cent equity held in the Ok Tedi Mining Project. The 10 per cent equity was managed by the Independent State of Papua New Guinea for and on behalf of the people of Western Province. The Trust was established in accordance with the Public Finance (Management) Act 1995, and the financial instructions that were issued from time to time to ensure the proper management and strict control of the Trust Account.
Clause 6(c) of the Trust Instrument specifically stipulates that all payments or withdrawals from the WPPD CMCA Trust Account shall be solely for the purpose of funding the implementation of development projects and programs identified by Ok Tedi Development Foundation (OTDF) and in full compliance with the other requirements of the Trust Instrument.
The Trust Instrument restricts WPPD CMCA Trust Funds from being used for any other unauthorized expenditures.
Clause 6 of Mining (Ok Tedi Mine Continuation (Ninth Supplemental) Agreement Act 2001, establishes and recognizes OTDF as the sole services delivery vehicle to bring developments to the people of the CMCA Communities and Telefomin District in Western Province. Media Statement
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