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Papua New Guinea

Sanday hits back

BY GORETHY KENNETH

kennethg@spp.com.pg

He said MTSL would challenge the legality of the recent termination by the chairman of the Securities chairman, Alex Tongayu, of its trusteeship of the Pacific Balanced Fund in the National Court this week.

Mr Sanday said MTSL was on track for the fund to exceed K1 billion in value in the next few years, a major increase from 2002 when they took over with K54 million in total assets and it was now, about K600m.

In those years MTSL has paid out K50, in dividends to mums and dads and other unit holders.

“MTSL has always held itself up to high standards of corporate governance when managing the affairs of more than 19,000 unit holders of PBF and that they will not let their termination go unchallenged,” Mr Sanday said.

He said he was the legally appointed trustee of PBF and disputed the takeover of the PBF fund because they considered the actions of the Securities Commission, which includes freezing of bank accounts, as hasty and unfortunate. “We will test and prove this in court which is the only independent jurisdiction in this matter,” Mr Sanday said.

“MTSL has always followed all due process and we will continue to do that in the best interest of over 19,000 mums and dads Unit holders.

“MTSL will continue to fight against all forms of corruption and we call on all good people to come join us and let’s stand up in union against corruption,” he said.

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