APRA shuts down CNAL directors
THEAustralian Prudential Regulation Authority(APRA) has disqualified two former directors of Commercial Nominees of Australia (CNAL) from acting as responsible officers, taking the total number of people disqualified in relation to the failed super trustee group to five.
Ross James Honeyman and Carl Peter Hanich were disqualified from acting as responsible officers of a superannuation trustee, investment manager or custodian due to their lack of fitness or propriety under the Superannuation Industry (Supervision) Act.
The two directors join Andrew Bryden Skinner, Erica Jane Robinson and Anthony David Hall, all former directors, who were disqualified late last year for their actions surrounding the failure of CNAL.
Superannuation fund members lost more than $30 million as a result of CNAL’s collapse in 2001.
APRA says it is still considering whether other ex-CNAL directors should be disqualified.
APRA says while it did not find Honeyman and Hanich acted dishonestly, the two still failed to exercise a degree of care and diligence in ensuring that CNAL carried out its trustee duties.
However, APRA says the disqualified persons can appeal the decision and have 21 days in which to do so or take it to the Administrative Appeals Tribunal. One of the former directors, Robinson, is currently seeking a review of her disqualification.
AUTHOR
Jason Spits
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