Pacific Balanced Fund Interim Trustee welcomes establishment of Task Force Shield

The interim trustee of Pacific Balanced Fund [PBF], Weathermen Capital Advisors [Weathermen Capital], welcomes the Government’s decision to establish Task Force Shield to investigate PBF on the loss of millions of Kina in retirement savings.

Weathermen Capital has received communication from the Securities Commission of PNG [SCPNG] and stands ready to cooperate with Task Force Shield.

In a statement released on Thursday, Weatherman Capital managing director, John Kevau explains that amongst their primary mandate in managing the investments and affairs of PBF, they also are responsible for overseeing internal investigations into the status and circumstances of the fund and report those findings to the Securities Commission.

“While some of these investigations are still ongoing, troubling findings have already been uncovered and reported to the regulator.

“Since our appointment in September 2023, many hard-working Papua New Guinean unit holders have come forward with complaints and queries.

“Some complain of not receiving dividends whilst others raised issues relating to unaccounted contributions and missing units.

“The general consensus we’ve received so far from daily unit holder consultations appears to fully support Task Force Shield to bring justice to the unit-holders of PBF,” Mr Kevau said.

Meanwhile, Weatherman Capital Executive Chairman, Jordan Paul reiterated that unit holders also complained that the former Trustee and Manager have never conducted a single unit holder Meeting in more than 20 years and are now working towards conducting the first ever PBF unit holder meeting in 2024.

"Our valued unit holders have been neglected for many years. "As a responsible entity we have made it our priority to conduct a unit-holder meeting this year."

Mr Paul said Weathermen Capital Advisors is a 100% PNG owned and operated business and is 100% independent.

“We are confident that these facts and those involved in any illicit conduct in previously managing the fund will be brought to light through Task Force Shield.

Meanwhile, Melanesian Trustee Services Limited [MTSL] Co-Chair Executive Lawrence Stephens denied the claims.

He said the account has been audited and completed up to 2022 and available on the internet including interim audit from January 2023. The task force shield will now ensure all these will be investigated as to whether MTSL’s clarification is valid or there be any areas of misappropriation.