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Jerry Singerock (file photo)
photo: AFP
Prominent former Papua New Guinea army leader Major General Jerry Singirok is furious after being arrested and charged Capital Markets Law.
He is a trustee of Melanesian Trustee Services Ltd, part of a pension fund with 20,000 unit holders, but its trustee licence was revoked last year.
Gen. Singirok said the agency was already embroiled in legal action over the reversal of the decision and that his arrest on Wednesday was intended to derail the move.
He said Task Force Shield, set up by Trade Minister Richard Maru, had made a series of allegations about the extent of oversight at Melanesian Trustee Services Ltd.
this The Courier ReportedHe was later released on K6,000 bail.
“They say we’re not audited, (but) we are indeed audited, and have been audited every year for the last 10 years,” he said.
“They said we did not do that. (They claimed) we continued to operate without consulting unitholders, which is false.
“There are a series of complaints, which, as I said, will now be dealt with by the courts. The important thing is that they are using the Capital Markets Act to charge us.”
Gen. Singirok said in a Facebook post that he had fought for the rights of common people all his life and he would clear his name after what he called a witch hunt.
He said he had been a member of the pension operator since 1989.
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