The Australian Prudential Regulation Authority (APRA) in late May announced the disqualifications of two Melbourne superannuation fund trustees.
APRA says it disqualified Cleo Antoniou and George Stravros under the Superannuation Industry (Supervision) Act 1993 effective from May 18.
It says Antoniou and Stavros were directors of SSARB, the corporate trustee of the Melbourne-based SSARB Superannuation Fund.
As a result of the disqualifications, Antoniou and Stavros are prevented from acting as trustees, investment managers or custodians of an APRA-regulated superannuation entity or as responsible officers of a trustee, investment manager or custodian of an APRA-regulated superannuation entity.
APRA says it has determined that both men were directors of SSARB when it contravened various provisions of the SIS Act, and that the number and seriousness of those contraventions provided APRA with sufficient grounds for their disqualification.
Announcing the disqualifications, APRA deputy chairman, Ross Jones says APRA’s primary concern has been to ensure the interests of the fund’s members are protected.
