The Australian Prudential Regulation Authority (APRA) has accepted enforceable undertakings from five former directors of Trio Capital.
Trio Capital – a former trustee of registered superannuation entities and the responsible entity for various managed investment schemes – collapsed in 2009 and was involved in the largest super fund fraud in Australian history.
Its former directors Cameron Anderson, Michael Anderson, Terrence Hallinan, Lorenzo Macolino and John Harte will be removed from the superannuation industry for a period ranging from four to 12 years, having acknowledged APRA’s concerns that they failed to carry out their duties properly as directors of a superannuation trustee.
The regulator was concerned that Trio board members failed to adequately conduct due dilligence in connection with the appointment of related-party investment managers and by placing substantial sums for investment with those managers.
“APRA relies on superannuation trustees to carry out their duties and act in the best interests of members,” said APRA member Helen Rowell. “APRA will continue to pursue directors who fail to meet their duties to ensure that they do not continue to operate in the superannuation industry, so as to maintain confidence in the superannuation system.”
Cameron had agreed to remove himself from the superannuation industry for a period of 12 years, while Hallinan and Macolino will be out of the sector for eight years.
Anderson and Harte will be absent for a period of four years.
A total of 11 former Trio directors have now each provided an enforceable undertaking to APRA, the regulator said.
