Ex-Madang MP charged with stealing company shares worth more than K100 million
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Ex-Madang MP Alois Kingsley (left) in discussion on his case at the Waigani committal court.
Ex-Madang MP charged with stealing company shares worth more than K100 million
PORT MORESBY: Former Madang Member of Parliament (MP) Alois Kingsley appeared before Waigani commiotytal court magistrate Tracy Ganaii on Thursday for allegedly staeling company shares worth more than K100 million.
Kingsley, 51, is charged with six counts of fraud-related charges - two counts each for forgery, uttering and stealing - linked to transfer of shares in a company to him.
PNG Cyber Monitor reproduced below the court proceedings as published by The National:
Ex-MP facing six fraud-related charges
By BOURA GORUKILAFORMER Madang MP Alois Kingsley appeared before Waigani Committal Court Magistrate Tracy Ganaii yesterday accused of stealing company shares worth more than K100 million.
Kingsley faces six fraud-related charges – two counts each of forgery, uttering and stealing – linked to transfer of shares in a company to him.
Kingsley, 51, of Yabob village in Madang, was alleged to have between Jan 1, 1996 and Dec 31, 1997, forged Investment Promotion Authority forms 13, 15 and 16 and changed the directorship and shareholding of Mabela No. 88 Property Ltd and Blue Chip No 15 Ltd.
It was alleged that he also stole 75 per cent shares (K80.62mil) from Mabela and 30 per cent shares (K33mil) from Blue Chip valued at K113.62mil registered under local director and shareholder Andrew Anis, the complainant.
He was alleged to have operated Kingstar Security Company in Port Moresby between 1994 and 1997, providing security services to Grand Colombia and its subsidiaries Jugami No 18 Ltd, Mabela No.88 Ltd and Blue Chip No.15 Ltd when the alleged offences were committed.
Money made in the three local companies were transferred out by Andy Kuek, from Malaysia, who was then director of the companies, into Grand Colombia Ltd.
The physical assets were also stripped off and transferred to Grand Colombia as well.
The three companies were then deregistered for not filing annual returns. Kuek and Kingsley are accused of intentionally transferring the shares to get rid of Anis, the principal director and major shareholder in the Grand Colombia group of companies without an agreement to sell or purchase those shares.
Grand Colombia was then nominated treasury and holding company allegedly used as a vehicle by Kingsley and his cohorts to commit fraud crimes against Anis.
Other new alleged subsidiaries included FinCorp Ltd was formed using money from the three companies.
Anis registered his complaint through the Police Commissioner’s Office and Assistant Commissioner of Police and an investigation was sanctioned.
Kingsley was asked to report to the police after a lengthy police investigation based on evidence but he evaded them and disappeared at his Malolo Estate residence until his arrest last Friday at 10pm.
The case was adjourned to March 31 and his bail was extended.
Kingsley faces six fraud-related charges – two counts each of forgery, uttering and stealing – linked to transfer of shares in a company to him.
Kingsley, 51, of Yabob village in Madang, was alleged to have between Jan 1, 1996 and Dec 31, 1997, forged Investment Promotion Authority forms 13, 15 and 16 and changed the directorship and shareholding of Mabela No. 88 Property Ltd and Blue Chip No 15 Ltd.
It was alleged that he also stole 75 per cent shares (K80.62mil) from Mabela and 30 per cent shares (K33mil) from Blue Chip valued at K113.62mil registered under local director and shareholder Andrew Anis, the complainant.
He was alleged to have operated Kingstar Security Company in Port Moresby between 1994 and 1997, providing security services to Grand Colombia and its subsidiaries Jugami No 18 Ltd, Mabela No.88 Ltd and Blue Chip No.15 Ltd when the alleged offences were committed.
Money made in the three local companies were transferred out by Andy Kuek, from Malaysia, who was then director of the companies, into Grand Colombia Ltd.
The physical assets were also stripped off and transferred to Grand Colombia as well.
The three companies were then deregistered for not filing annual returns. Kuek and Kingsley are accused of intentionally transferring the shares to get rid of Anis, the principal director and major shareholder in the Grand Colombia group of companies without an agreement to sell or purchase those shares.
Grand Colombia was then nominated treasury and holding company allegedly used as a vehicle by Kingsley and his cohorts to commit fraud crimes against Anis.
Other new alleged subsidiaries included FinCorp Ltd was formed using money from the three companies.
Anis registered his complaint through the Police Commissioner’s Office and Assistant Commissioner of Police and an investigation was sanctioned.
Kingsley was asked to report to the police after a lengthy police investigation based on evidence but he evaded them and disappeared at his Malolo Estate residence until his arrest last Friday at 10pm.
The case was adjourned to March 31 and his bail was extended.
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