The PBF is one of the country's largest equity funds that is owned by nearly 20,000-unit holders. Chairman of SCPNG, James Joshua, stated that investigations on the performance on MTSL commenced on the 29 th of June, 2023 and several breaches of MTSL's fiduciary duty to unit holder that had been identified. 'The investigation revealed breaches in certain Clause in the Trust Deed; like MTSL was excessively paid as a fund manager of a passively managed fund, it performed poorly, delayed as a Trustee, lacked good Corporate Government Practices, paid an excessive fee of K180 million between 2010 and 2022 and the liquidity of PBF is considered at risk.

https://www.looppng.com/business/melanesian-trustee-services-ltd-license-revoked-122059

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