Financial services group ClearView Wealth has backed independent non-executive director David Brown, who has been arrested in Papua New Guinea on a fraud charge.
ClearView said in a statement on Thursday the charge arises from a claim Mr Brown's employer, National Superannuation Fund (NASFUND), attempted to remove and replace the current manager of a PNG investment fund, Pacific Balanced Fund.
The claim was made by Pacific Balanced Fund trustee Melanesian Trustee Services.
Mr Brown was arrested and charged with one count of conspiracy to defraud under the Criminal Code 1974 by the National Fraud & Anti-Corruption Directorate of the Royal Papua New Guinea Constabulary on Monday, ClearView confirmed in a statement to the ASX Wednesday.
The Australian financial services group's statement on Thursday morning said NASFUND says their employer has not breached any laws and will support him in his defence.
ClearView's managing director Simon Swanson said Mr Brown had made a valuable contribution to its firm and was supported by the board to continue as a director.
"Mr Brown has assured the Board of ClearView that he has acted at all times in accordance with the law and does not consider there is any basis for the charge and will vigorously defend it," Mr Swanson said in a statement on Thursday.
