Cameron Anderson was an executive director of Trio from November 2003 to November 2005 and cannot act as a trustee, investment manager or custodian of an APRA-regulated superannuation entity for 12 years.
Terrence Hallinan and Lorenzo Macolino were non-executive directors of Trio from November 2003 to December 2004 and have each been banned from holding roles at APRA-regulated funds for eight years.
Michael Anderson was a non-executive director of Trio from March 2005 to October 2005 and has been banned for four years.
John Harte, also a former non-executive director of Trio and chair of Trio’s investment committee from January 2006 to May 2008, has been banned for four years.
APRA had previously banned six former directors for periods of four, five-and-a-half, six, 10, and 15 years, with John Godfrey receiving what is effectively a life ban.
The regulator said all five of the former directors in the recent announcement have acknowledged APRA’s concerns that they failed to carry out their duties properly as directors of a superannuation trustee.
The former directors have “expressed regret at the consequences of the matters that are the subject of APRA’s concerns and the losses caused to members of the superannuation entities from the failure of the investments in the related parties”, APRA stated.
Superannuation entities’ investments in related-party investments have not been able to be redeemed. ACT Super Management Pty Ltd, the acting trustee appointed to the Trio superannuation entities, does not expect the investments will be recovered, APRA said.
Estimated losses incurred by APRA-regulated funds and self-managed super fund trustees totalled around $123 million between the initial investment and purported returns, according to a Treasury estimate.
APRA member Helen Rowell said the acceptance of enforceable undertakings was an “appropriate resolution of the matters between the five former directors and APRA”.
