The termination of the employment of two directors of a super trustee company has resulted in the Australian Prudential Regulation Authority (APRA) launching its first criminal case of ‘victimisation’.
APRA brought the case against Ian Frank Baldock, a former chief executive of the Queensland Retailers and Shopkeepers Association (QRTSA), for dismissing the two unnamed trustee directors of a super fund linked to QRTSA, the Australian Enterprise Superannuation Fund Pty Ltd (AESF).
One of the directors was also an employee of QRTSA and the other was the auditor of the association.
APRA alleged in the Redcliffe Magistrates Court in Queensland yesterday that Baldock caused both individuals to “suffer a financial detriment for simply carrying out their legal obligations in their capacity as trustee directors to act in the best members of the AESF fund members”.
It alleged in doing so Baldock committed “acts of victimisation” contrary to section 68 of the Superannuation Industry (Supervision) Act.
These acts were allegedly the result of AESF’s decision not to renew an outsourcing agreement with Australian Enterprise Promotions Pty Ltd, which had outsourced some of the services under its contract with AESF back to QRTSA.
The cancelling of the contract agreement led to a loss of income to QRTSA
The case has been adjourned to September 19.
