Charges

[?]ir P-NG Background on Men on Fraud Charges

iction was commenced in on October 16 which is or less connected with

airs of Hamac Holdings

[, of Papua and New ; and in the outcome

:h Harvey Trinder (New

) Limited may be in well-known insurance men, icis Knibbs McEachern, 67, his son, Leonard Francis srn, 40, were brought before itral Police Court, Sydney, Dber 16, under a private , and charged on 13 counts aud, involving a sum of taring of the charges was ?d until December 7. The named Robert Keith Yors hartered accountant, of as the informant against lacherns, and it was at his on the warrants were Ay. Yorston is closely asso ith Harvey Trinder (NSW) the well-known represen ' Lloyds Insurance, of Eng is an interesting back to the McEacherns. years ago, Mr. F. K. ;rn became the chief Aus representative of Messrs.

Trinder Ltd., of London, )f Lloyds: and he was in :al in founding Harvey (NSW) Ltd. He became g director of that com id a highly respected figure Australian insurance world, joined in the business by who also was a director, them, they held (and still 5 per cent, of the issued P-NG Connections World War 11, Harvey (NSW) Ltd. extended its ns to Papua and New and Harvey Trinder (NG) s registered there. Mr. L. chern was closely associated 1 New Guinea company, and er was active in the in field in the Territory and, >elieved, made substantial the middle ’Fifties, persons id with the Harvey Trinder

Continued on page 146)

companies organised a grou trading companies in Papua New Guinea, and brought the together into a holding com registered in Papua-New Guir Hamac Holdings Ltd.

Because of the personnel volved, it was generally sup that the Hamac group of com] was integrated with the P Trinder group.

It became clear in 1958-59,, ever, that although some F Trinder personnel (and notabi Messrs. McEachern) werei terested, they were there r as individuals —there was no: connection between the P Trinder group and the I group.

By early 1959, the Hamac « isation was in financial diffic and then the Sydney director the London Board, began to lively concern. (See PIM of A page 20, and September, page It appeared that the liabili Hamac Holdings Ltd. were be £400,000 and £500,000, of whi less than £330,000 was ow Harvey Trinder (NSW) Ltd.

"Severed Connection"

Early in 1959, Messrs. F. I L. F. McEachern severed thei nection with the executive: boards of the Harvey Trindei panies, and began trading surance brokers on their owr The remaining Harvey T. interests took part in disci and negotiations in Papua an Guinea, as large creditors ; Hamac Holdings Ltd. situatioi they made a series of offers other creditors, in an effort t the latter from serious lossi The position in Papua an Guinea, and the affairs of I were not mentioned in the initiated in Sydney on Octol There it was charged th Messrs. McEachern were di of Harvey Trinder (NSW) and that, between June 30, 19i January 12, 1959, they fraud applied to their own use c totalling £22,499, the prope Harvey Trinder Ltd.

The prosecution alleged th{ cheques involved are cash c signed jointly by the defen Mr. L. K. Murphy, appear: the defendants, said that the a complete answer to the c and that the proceedings we: of an effort being made “to i them out of this company, them to hand over their shai eliminate them as business “They are completely ir of these charges,” declared c