APRA accepts enforceable undertakings from two former Trio directors
The Australian Prudential Regulation Authority (APRA) has accepted enforceable undertakings from former Trio Capital (Trio) directors Rex Philpott and David Andrews.
Both Philpott and Andrews have acknowledged APRA's concerns that they failed to carry out their duties properly as directors of a superannuation trustee, the regulatory body stated.
APRA concluded that Trio failed to redeem existing investments in the Exploration Fund (EFL) and made ongoing investments despite being aware of the investments' risks associated with the fund and the 'arms-length' nature of the arrangement, given the fact EFL was a related party to Trio.
Furthermore, the company failed to redeem existing investments from the managed investment scheme Astarra Strategic Fund, given there were similar issues to those associated with the EFL investment, APRA stated.
"The lengthy period of Mr Philpott's and Mr Andrews' exclusion from the industry reflects the high standards expected of directors of superannuation funds in carrying out their fiduciary duties," APRA deputy chairman Ross Jones.
APRA's investigations into Trio are continuing.
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