The chief investment officer of Papua New Guinea's National Superannuation Fund has been arrested by the country's police anti-fraud unit.
Photo: RNZ / Johnny Blades
David Brown is the Independent Non-Executive Director of an Australian wealth management product provider, ClearView Wealth Ltd.
The company has confirmed in a statement that he was arrested and charged with one count of conspiracy to defraud by PNG's National Fraud & Anti-Corruption Directorate.
PNG's National Superannuation Fund Ltd has released a statement, saying it is defending what it calls "spurious charges laid against one of its executives resulting from a routine request for information".
Its chairman Hulala Tokome said it was difficult to determine from the charge what the alleged wrongdoing was.
However a further statement from Clearview said matters relating to Mr Brown's arrest and charge "concern a claim by Melanesian Trustee Services Ltd of an attempt to remove and replace the current fund manager of the Pacific Balanced Fund by National Superannuation Fund".