You may have read today's news concerning the removal of MTSL by the Securities Commission and the appointment of a new company called Oxley Securities to manage PBSL. Apparently, the former CEO of MTSL resigned in July 2018 and formed this new company, which has now been appointed to manage PBSL.

It is interesting to note what the Securities Commissioner said about this change, according to the Post Courier:
 "Mr Tongayu responded last night that MTSL was insolvent and that the issue was a long standing matter as there had been several failures by Mr Stephens to provide information requested by the Commission, among them, the audited financial statement for Melanesian Trustee Services Limited between 2013 and 2017 and the report on the K6 million loan advanced to a director of the company, and whether repayments to the above loan has been made by the director concern (also include loan agreements, the manner in which repayments are to be made)."

IF this statement is correct, then MTSL, under the former CEO (now CEO of Oxley), was trading insolently, lent K6 million to a director, and did not provide audited financial statements to the various regulatory authorities such as IRC and the Securities Commission.

Unless, the Post Courier is running "fake news", the appointment of Oxley is improper and in breach of the Companies Act and Securities Act, particularly when Oxley is being headed by the former MTSL CEO.
As you must be aware, Kennedy Wemin was the former CEO of MTSL who ran MTSL into insolvency as he was the CEO in 2017 until he was demoted in mid 2018 for alleged fraudulent activity by him and his wife's sister who was the Financial Controller of MTSL. He resigned as a result.

Kennedy Wemin has now ganged up with Jimmy Maladina and Harvey Maladina and with their connection to Prime Minister  O'Neill they are working around the clock to take over MTSL. The purposely amended Securities Act recently to facilitate this transaction.

Robert Igara was also a former Chairman of MTSL in 2016/17.

This deal stinks and they are trying to have a second bite at the cherry. They are the same lot who it seems purposely put MTSL into insolvency so they can come from the backdoor and takeover. This is a fraudulent deal which needs to be investigated and exposed.

Kennedy Wemin has a chequered background. He was employed previously by BSP where he programmed to steal from customers savings. It was discovered and he was fired. He does not hold any formal educational qualifications for investment/funds management. He was doing odd jobs there until the owner of MTSL installed him to be a caretaker manager and eventually made CEO due to Visa issues this foreign owner had with entering PNG.

Now the Big fish have a whiff of the smell of big money in waiting for the smarter thieves of our times with their connection to the top.

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