POWERED BY MOMENTUM MEDIA
Changes brought on wall and ceiling
The Australian Prudential Regulation Authority(APRA) has succeeded in bringing charges against a superannuation fund trustee director and an accountant connected to the $3 million, 140 member .
The charges, which will be prosecuted by the , have been brought against a former director of the trustee of the superannuation fund, and , a partner in .
Ridings was committed to stand trial in the County Court in Melbourne on nine charges relating to his involvement in the affairs of the fund, while Hullin was committed to stand trial on six charges.
The charges arise from alleged breaches of the Superannuation Industry (Supervision) Act 1993 and relate to alleged contraventions of the sole purpose test and the making of allegedly false records with the intention of deceiving APRA.
In particular, APRA alleges that the fund was largely invested in unit trusts established to develop purpose-built factories that were subsequently leased back to employer-sponsors of the fund.
It is also alleged that records were falsified to support continued investment in the unit trusts despite legislative change designed to restrict such investments by superannuation funds.
Ridings pleaded not guilty in relation to all charges while Hullin has not entered a plea.
Similar charges against a partner in MV Anderson and Co and a former approved auditor of the fund, , were adjourned to June 26, 2006, while a charge against , an employee of MV Anderson and Co, in relation to an allegation that she made a false record with the intention of deceiving APRA was adjourned to June 26.
AUTHOR
Mike Taylor
Recommended for you
Following the roundtable, the Treasurer said the government plans to review the superannuation performance test, stressing that the review does not signal its abolition.
The Australian Prudential Regulation Authority (APRA) has placed superannuation front and centre in its 2025-26 corporate plan, signalling a period of intensified scrutiny over fund expenditure, governance and member outcomes.
Australian Retirement Trust (ART) has become a substantial shareholder in Tabcorp, taking a stake of just over 5 per cent in the gaming and wagering company.
AustralianSuper CEO Paul Schroder has said the fund will stay globally diversified but could tip more money into Australia if governments speed up decisions and provide clearer, long-term settings – warning any mandated local investment quota would be “a disaster”.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
