Pacific Equities and Investment Limited v Melanesian Trustee Services Limited and National Superannuation Fund Limited (2007) N3122
| Jurisdiction | Papua New Guinea |
| Court | National Court |
| Citation | (2007) N3122 |
| Docket Number | OS 673 OF 2006 |
| Year | 2007 |
Full Title: OS 673 OF 2006; Pacific Equities and Investment Limited v Melanesian Trustee Services Limited and National Superannuation Fund Limited (2007) N3122
National Court: 21 March 2007
Judgment Delivered: Hartshorn, J
Cases Cited
Papua New Guinea Cases
Robinson v National Airlines Commission [1983] PNGLR 478; Craftworks Niugini Pty Ltd v Allan Mott [1998] PNGLR 572; Markeal Limited & Robert Needham v Mineral Resource Development Co. Pty Ltd N1742;
Overseas Cases
American Cyanide Company v Ethicon Limited (1975) 1 ALL ER. 504.
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1. HARTSHORN, J. The Plaintiff seeks an interlocutory injunction restraining the First Defendant (MSL) and the Second Defendant (NFSL) from taking any action in respect of, or giving any effect to, a resolution of unit-holders of Pacific Balance Fund (PBF) on 14 July 2006 that PEIL be removed as Fund Manager, until judgment in this matter or further order.
2. PEIL claims by Originating Summons filed on 25 September 2006;
a) a declaration that the meeting of unit-holders of PBF held on 14 July 2006 is null and void,
b) further or alternatively, a declaration that the resolution of unit-holders at the said meeting that PEIL be removed as Fund Manager is null and void.
3. PEIL is the Fund Manager of PBF appointed pursuant to a trust deed dated 22 October 2001 between Investment Corporation of Papua New Guinea and MTSL (Trust Deed).
4. MTSL is the trustee of PBF and a duly licensed trustee under s72 of the Securities Act 1997.
5. NFSL is a substantial unit-holder in PBF.
6. PBF is an unincorporated unit trust Investment fund.
7. MTSL convened a meeting of unit-holders for 14 July 2006 after NFSL alleged to MTSL that there were serious breaches of the Trust Deed by PEIL.
8. At the meeting held on 14 July 2006 it was resolved that PEIL be removed as the manager of PBF.
9. There are related proceedings. In SCA 67 of...
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Ramu Nico Management (MCC) Limited and Mineral Resources Authority and Dr Wari Iamo In His Capacity as the Director of the Environment and Department of Environment and Conservation and The Independent State of Papua New Guinea v Eddie Tarsie for himself and in his capacity as Ward Councillor of Ward 3, Sidor LLG and Farina Siga for himself and in his capacity as Ward Secretary of Ward 3, Sidor, LLG and Peter Sel and Pommern Incorporated Land Group No 12591 and Sama Melambo for himself and as Chairman of Pommern Incorporated Land Group (2010) SC1075
...Independent State of Papua New Guinea v Colbert [1988] PNGLR 138; Pacific Equities and Investment Ltd v Melanesian Trustee Services Ltd (2007) N3122; Public Employees Association of PNG v Napoleon Biyuwo Liosi [1988–89] PNGLR 585; Robinson v National Airlines Commission [1983] PNGLR 476; Br......
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Ramu Nico Management (MCC) Limited and Mineral Resources Authority and Dr Wari Iamo In His Capacity as the Director of the Environment and Department of Environment and Conservation and The Independent State of Papua New Guinea v Eddie Tarsie for himself and in his capacity as Ward Councillor of Ward 3, Sidor LLG and Farina Siga for himself and in his capacity as Ward Secretary of Ward 3, Sidor, LLG and Peter Sel and Pommern Incorporated Land Group No 12591 and Sama Melambo for himself and as Chairman of Pommern Incorporated Land Group (2010) SC1075
...Independent State of Papua New Guinea v Colbert [1988] PNGLR 138; Pacific Equities and Investment Ltd v Melanesian Trustee Services Ltd (2007) N3122; Public Employees Association of PNG v Napoleon Biyuwo Liosi [1988–89] PNGLR 585; Robinson v National Airlines Commission [1983] PNGLR 476; Br......