Port Moresby, Papua New Guinea, May 13, 2024- Prime Minister Hon. James Marape says the
Government of Papua New Guinea is committed to protecting the investments of all Papua New
Guineans and ensuring accountability at every level of financial management within the nation.
He announced that preliminary investigations by the Securities Commission of Papua New
Guinea into the Pacific Balanced Fund’s activities from 2010 to 2023 have revealed significant
breaches of the law, resulting in substantial losses to the retirement savings of citizens.
“In a resolute response to these findings, the National Executive Council has established an inter-
departmental task force, named Task Force Shield,” Prime Minister Marape said.
“This body is charged with conducting a thorough investigation of these breaches, bringing those
responsible to justice without exemption.
“Those found guilty of misusing our people’s investments will face the full severity of our justice
system,” affirmed Prime Minister Marape.
“The Task Force Shield’s formation follows discoveries of mismanagement and illegal activities by
the former Trustee and Fund Manager, Melanesian Trustee Services Ltd. Notably, allegations that
this entity has misappropriated over K222 million from a total return of K296 million that rightfully
belonged to the local unit holders from 2010 to 2022. Such injustices are intolerable and demand
decisive action.
“Under the leadership of Mr. James Joshua, Executive Chairman of the Securities Commission of
PNGPNG Papua New Guinea, and supported by a team of national experts and international law enforcement, Task
Force Shield will work diligently to address these wrongs, recover assets, and ensure robust legal
action against all offenders. The Task Force includes respected professionals across various
sectors, reflecting our national commitment to integrity and justice.
“This initiative represents a critical component of a broader reform agenda aimed at cleaning up
our capital markets and fostering a transparent, attractive investment environment for both local
and international investors. Through these efforts, we uphold the spirit of ‘Take Back PNG’ and
open new opportunities for growth and prosperity for all Papua New Guineans.
“I extend my gratitude to the Minister for International Trade and Investment, Hon. Richard Maru,
and all involved agencies for their swift and decisive actions in this matter
“Task Force Shield is set to deliver its initial findings and commence legal proceedings within the
next three months. The Government calls upon the support and cooperation of all stakeholders
to facilitate this vital work.”