ClearView Wealth (ASX:CVW) have released a statement regarding Monday’s arrest of independent non-executive director David Brown in Papua New Guinea saying that it was regarding a claim by the Melanesian Trustee Services.
The claim concerns an attempt to remove and replace the current fund manager of the Pacific Balanced Fund by Brown’s employer National Superannuation Fund.
The statement says that the charge against Mr Brown has not been proven and his employer, NASFUND, is fully supporting him, and believe he has not breached any laws.
Brown is the chief investment officer of the National Superannuation Fund Ltd (NASFUND) in Papua New Guinea.
Shares in ClearView Wealth Limited (ASX:CVW) closed flat at $1.10 yesterday.