6 Dec 2003

PNG think-tank manager puts taxpayer money into "get-rich-quick' scam

11:19 am on 6 December 2003

The managing director of a Papua New Guinea government think-tank has been suspended after he put taxpayers' funds into a fast-money scheme on the promise of a 100-fold return.

National Research Institute managing director Beno Boeha told an inquiry yesterday he "bent" the rules and sent almost 240 thousand US dollars to a Swiss bank account because the institute was desperately short of funds.

Investigators with the Public Accounts Committee said the funds, which had been sent overseas without approval, were assumed to be lost.

The Committee suspended Boeha from duty and referred him to the Ombudsman Commission for further investigation.