Papua New Guinea's national superannuation agency, NASFUND, says its chief investment officer was arrested for doing his job - enquiring into one of the companies it had invested in.
Charges of conspiracy to defraud against David Brown were dismissed by the Waigani District Court last Friday.
NASFUND is the largest single shareholder of Pacific Balanced Fund, of which Melanesian Trustee Services is manager and trustee.
Mr Brown had requested some information on the previous year's audited accounts from the trustee of Pacific Balanced Fund and the following week the National Fraud and Anti-Corrpution Directorate arrested and charged him.
Mr Brown then attended 12 separate committal hearings at the Waigani District Court before the judge ruled the prosecution could not bring a credible case against him.
NASFUND said the charges were obviously spurious and brought prolonged distress to Mr Brown, his family and the company itself.
The company said it welcomed Mr Brown's exoneration and is now reviewing its involvement with Pacific Balanced Fund.