Trio Capital investors will have the opportunity to question representatives of ASIC and the Australian Prudential Regulation Authority (APRA) over their actions in relation to the failed company after a parliamentary committee passed a motion ordering a meeting between parties.
At Sydney’s Wesley Centre yesterday, a group of around 15 Victims of Financial Fraud (VOFF) members, led by investor advocate Paul Matters, verbally attacked the Parliamentary Joint Committee (PJC) on Corporations and Financial Services over what they claimed was a lack of engagement with Trio investors on behalf of the regulators.
“Do we get an opportunity for the victims to ask questions directly of the regulators? Do they have an opportunity to do that today?” Matters said.
“We’ve come from Wollongong, we’ve come a long way. We’d just like to ask some simple questions.”
To which Senator Nick Sherry replied: “And I’ve just flown in from Tasmania.”
“Well that’s good for you Senator Sherry, you haven’t lost your superannuation,” Matters said.
Sherry and PJC members attempted to calm Matters by opening the final public hearing into Trio as the room waited for PJC chair Deborah O’Neill to arrive.
As O’Neill took her seat, Matters continued with his questions before labelling the inquiry a whitewash.
“This hearing is a whitewash, it is a whitewash on behalf of the industry funds. You are whitewashing this and you won’t let people ask questions,” he said.
O’Neill replied: “I think we might have to ask for security if you aren’t.”
Matters interjected: “Yes you can throw me out, but this committee is a whitewash, alright? And it’s perceived as a whitewash. We know what Matt Thistlewaite is going to do and we know what Nick Sherry is going to do, you’re going to protect the industry funds and you’re going to try and blame the victims.
“They’re only asking here today if they can ask questions of APRA.”
O’Neill then said: “Thank you Mr Matters. I think you’ve made your point very clear. I ask you that you either take a seat or leave the room so we can get on with [the hearing].”
After the heated beginning to yesterday’s PJC public hearing into the inquiry of Trio Capital, committee members put representatives of ASIC and APRA on notice.
“I’m sure the committee would be happy, I’m certainly happy, to facilitate a request to APRA and ASIC to meet with you as individuals to talk with you because I am aware that [meetings between investors and regulators] have occurred in the past on the extent of proceedings and investigations,” Sherry said.
“I’d be perfectly happy, on behalf of the committee, to move a resolution that we request APRA and ASIC, either separately or jointly, to meet with you as people who suffered losses.”
In response to Sherry’s suggestion, Matters said: “I appreciate that.”
After briefly conferring with her PJC committee members, O’Neill passed the recommendation.
Yesterday’s public hearing into the collapse of Trio took final evidence from representatives of APRA as well as the Companies, Auditors and Liquidators Disciplinary Board, the Australian Federal Police and the Australian Crime Commission.
The committee has been particularly interested in the implications of the Trio collapse for investors, especially investors in self-managed superannuation funds.
At the conclusion of the hearing, O’Neill addressed the VOFF members in the room.
“I’m pleased that we were able to continue our hearing after a little bit of a hiccup at the commencement,” she said.
“I hope that you have found access to the information today of great interest and perhaps restores your sense that we are too making efforts to pursue this group Trio in the best possible way we can.”
Meanwhile, Financial Services and Superannuation Minister Bill Shorten has agreed to meet with members of VOFF.
Following yesterday’s PJC hearing, members of VOFF ambushed Shorten ahead of his address to the Sydney Institute to directly ask him for a meeting.
“We don’t want to disrupt your talk or anything, but we have written to you asking for a meeting,” Matters said.
In response, Shorten told Matters he had already met with Trio investors.
Matters replied that the VOFF investors were seeking another meeting.
“I’m happy to meet with you,” Shorten said.
Shorten’s address to the Sydney Institute was on the topic “The Future of Work”.
Last month, Trio investor and VOFF spokesman John Telford said the group had contacted Shorten and requested he address the group and those affected in the Wollongong region.
