APRA appoints new super trustee for Harts

TheAustralian Prudential Regulation Authority(APRA) has stripped Harts Staff Superannuation of its corporate trustee role for the Harts Australia Staff Superannuation Fund, appointing an acting trustee to the embattled financial services group.

It is understood that APRA has named HL (Qld) Nominees as acting trustee of the Harts group’s superannuation fund. The move by APRA comes a month after the Australian Securities and Investments Commission (ASIC) commenced legal proceedings againstHarts Australasiaon behalf of its numerous creditors.

In its role as acting superannuation trustee, HL (Qld) Nominees will ensure that fund assets are properly valued and realised in an orderly manner to the benefit of fund members. HL (Qld) Nominees is a special-purpose company established by Hart Larwill Chartered Accountants, a Brisbane based group.

Bill Gole, APRA general manager, co-ordination, rehabilitation and enforcement says his group has been concerned for some time about some of the transactions undertaken by the former trustee, particularly with Hart’s reportedly having around $943,000 in outstanding superannuation payments.

Gole says the group’s concerns were so great that last month APRA investigated the activities of the fund, and in turn an inspector was appointed to the fund. At the same time, a freeze on the fund’s assets was also imposed by APRA.

He says the action taken by APRA to replace the trustee has been taken specifically to protect the interests of fund members. The former trustee has itself agreed that its replacement would be in the best interest of the members.

APRA has been working closely with both ASIC and the Australian Tax Office in its investigations.