The Papua New Guinea District Court at Waigani has dismissed a criminal charge against the NASFUND chief investment officer, David Brown.
NASFUND is PNG national superannuation fund, investing the savings of over half a million Papua New Guineans.
Mr Brown was arrested last July and accused of conspiracy to defraud.
But yesterday magistrate Mekeo Gauli dismissed the case.
The chair of NASFUND, Hulala Tokome, said the process of defending what were obviously spurious charges brought prolonged distress to Mr Brown and his family, while considerably disrupting the business of the fund.
He said the board is pleased justice has prevailed and David Brown’s professional reputation has been restored.
And Mr Tokome said the court’s decision also recognised the good governance and regulatory obligations of the PNG superannuation industry and those working in it.