Another EU for former TRIO director
Former Trio director David Millhouse will be disqualified from acting as a superannuation fund trustee for 10 years, bringing the Australian Prudential and Regulation Authority’s (APRA) action against the directors of the collapsed fund to a close.
Millhouse, a former licensed trustee of registered superannuation entities, was the thirteenth TRIO director to present APRA with an enforceable undertaking.
APRA expressed concerns that Millhouse might have failed to properly carry out his duties as a director of Trio between 5 November 2003 and 12 October 2005 and as a member of the investment committee of Trio between 29 January 2004 and 12 October 2005.
APRA said that during his time on the board of Trio, Millhouse approved $85 million in non-arms-length investments which did not undergo adequate due diligence or receive independent recommendations and were favourable to the related parties involved.
APRA also stated that Millhouse failed in his duties as a director of Trio and did not act in the best interests of members. It said losses related to the investments have not been redeemed and were unlikely to be redeemed in the future.
Millhouse acknowledged the concerns and agreed to enter into an enforceable undertaking prohibiting him from acting as a trustee for 10 years.
The order follows two months of APRA-led legal proceedings against Millhouse and is in lieu of any further federal court action, APRA said.
Millhouse welcomed the dismissal of further court action.
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