Regional New South Wales advisory firm Kilara Financial Solutions and listed accounting group WHK Financial Services lodged claims against Trio for $280,000 and $250,000 respectively, while SMSF fund The Gaden Provident Fund had the largest claim totalling around $880,000.
In February, ACT Super Management asked the Australian Prudential Regulation Authority to extend a freeze order on superannuation funds operated by Trio Capital after payments to members could not be made, with ACT Super making $2.4 million of redemption requests with Trio's administrator, PPB, to allow the superannuation funds to pay pensions and other benefit payments.
By March, the Supreme Court of NSW had ruled that five Trio Capital funds - the Astarra Strategic Fund, ARP Growth, Astarra Overseas Equities Pool, Asttar Portfolio Service and Asttar Wholesale Portfolio Service - be wound up on just and equitable grounds due to insolvency.
According to an update to unit holders by PPB, the Asttar Wholesale Portfolio Service had net assets of $63.47 million, ARP Growth had $58.6 million, Astarra Overseas Equities Pool had $8.97 million and Asttar Portfolio Service had $4.16 million.
By the end of June, Trio Capital was placed into liquidation, six months after regulators froze its Australian financial services licence, and suspended it as the trustee for over $300 million worth of superannuation money.
Also that month, ACT Super began a tender process to identify an appropriate successor fund for the Trio products, appointing Rice Warner Actuaries to assist in the process.
In July, public examinations of former Trio Capital executives Eugine Liu and Shawn Richard took place in the NSW Supreme Court, with the examination revealing Trio provided financial support to financial services groups including Seagrims Accountants and Financial Planners and financial advisory firm Tarrants.
In December, Richard entered into an enforceable undertaking with ASIC, banning him for life from providing financial services.
He appeared at a Sydney court and pleaded guilty to two charges of dishonest conduct while running a financial services business. He also admitted to a third charge of making false statements in relation to financial products. Richard was granted bail subject to a number of conditions. He is scheduled to appear in court on 4 February 2011 for sentencing.
