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Richard called to face Trio examination

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By Reporter
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2 minute read

Shawn Richard is among a list of individuals set to face a Trio public examination.

Shawn Richard is among a list of 10 people who have been summoned to face a public examination into the collapse of Trio Capital.

The former Astarra Asset Management director has been summoned to appear at the hearing along with Rex John Phillpott, David O'Bryen, Natasha Beck, David Andrews, Cameron Patrick Anderson, Michael James Anderson, Richard John Patteson Telfer, Ian Baxter Kilday and Alan James Knight, who are all linked to the failed asset manager.

ACT Super Management director Mike Hill said all parties were obligated to attend court after ACT Super obtained orders from the New South Wales Supreme Court.

Hill would not comment on whether Richard, who has been in jail for fraud since August, would appear in person at the public hearing.

He would also not comment on whether ACT Super intended to call on any other individuals to face questioning.

ACT Super, the acting trustee of four Trio funds, including the Astarra Strategic Fund, has already undertaken considerable investigations since its appointment in December 2009.

The investigation has also included the funds' investment in failed property developer Ualan Property Holdings Pty Limited.

The public examination will be held in the NSW Supreme Court over two weeks, commencing on 21 November.

"At this stage, it is intended to publicly examine several current and former directors and officers of Trio and Ualan," Hill said in a member statement released on 18 October.

"Following the completion of the examinations, the acting trustee will determine whether grounds exist to recover the losses sustained by the funds in relation to their investment in Ualan.

"The acting trustee will provide members with a further update following the completion of the examinations."

Last month, InvestorDaily reported five funds formerly managed by Trio would receive nothing back from their $25.5 million investment in Ualan.

Earlier this month, the Australian Prudential Regulation Authority (APRA) accepted an enforceable undertaking from O'Bryen.   Other Trio directors who also agreed to EUs with APRA were Beck, Phillpott and Andrews.

In August, Richard was sentenced to two years and six months behind bars and an additional 15-month good behaviour bond.