The federal government's $54 million compensation payment to select Trio Capital investors will be made today, the Minister for Financial Services said.
In a statement from Bill Shorten, more than 5,300 Australians can expect to receive their share of compensation monies today, with money progressively credited to member's superannuation accounts over the next two weeks.
"The time it has taken to finalise payment to members reflects the inherent complexities of the Trio case, including the need to re-calculate member balances to replace the fictitious Trio returns with an alternative unit price based on a fair and reasonable return," Shorten said.
The payment is a "good outcome" for the investors in Australian Prudential Regulatory Authority (APRA) regulated funds, who were defrauded of their superannuation in the collapse of Trio, he said.
"I want to thank the Member for Thorsby and the Member for Cunningham who both made strong representations on behalf of their many constituents who were robbed of their savings by Trio," Shorten said.
"I also want to thank APRA for their hard work. The government is reviewing future compensation arrangements."
The government has granted over $54 million in financial assistance to benefit the members of four APRA regulated superannuation funds that were formally under the trusteeship of Trio.
The assistance was granted under Part 23 of the Superannuation Industry (Supervision) Act 1993 and is for members of the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan.
Information relating to the payment process can be found at www.triocapital.com.au.
