Hughes case adjourned to Friday


October 22, 2020 - 976 views

By Josu Kim

The Waigani Committal Court has adjourned the court hearing of Fincorp's Adam Hughes to Friday after he failed to appear in court this morning.

Hughes, 50, from Melbourne, Australia was charged with one count of False Declaration.

He is currently the Fincorp Chief Asset Management Officer.

Police said between Aug 1 and 3, 2018, Hughes filed a sworn affidavit as evidence through his lawyer at the National Court relating to a property owned by Susan Sei who mortgaged it to Finance Corporation Limited for a loan.

Sei took out a loan from Fincorp and had defaulted on her loan repayment.

Fincorp took the client to court in 2017 and lied on official court documents by over valuing the property ensuring that the poor client cannot buy back their property.

This resulted in Fincorp possessing the property of the client and selling it for 60% less, than the valued price.

Hughes had sworn on the affidavit that he will not sell the mortgaged property below the market price of K2.5 million, however he sold the property to Solomon Kantha for K700, 000.

Sei reported the matter to police, who then made the arrest last week.

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