POWERED BY MOMENTUM MEDIA
Former Statewide Super CFO & CRO charged with dishonesty offenses
Two former senior executives at Statewide Super have been charged with dishonesty offences related to their procurement of services.
Former Statewide chief financial officer, Grant David Eastwood, and former chief risk officer, Kieran Francis Netting, appeared before the Adelaide Magistrates’ Court on 9 December, 2022.
They were charged with six counts and one count respectively of using their positions dishonestly for the benefit of another, contrary to s184(2)(a) and (b) of the Corporations Act.
ASIC had alleged Eastwood dishonestly used his position in the procurement of a firm Cosight Pty Ltd (formerly known as Fintrix Systems Pty Ltd), to provide services to Statewide. He had commenced as Statewide CFO in February 2016.
Similarly, allegations against Netting including dishonestly using his position regarding a review he conducted connected to the appointment of Cosight to deliver services to Statewide. He had commenced as CRO in February 2017.
Following an internal investigation in 2020, both the executives’ employment was terminated in January 2020 and the conduct was reported to ASIC.
The matter has been adjourned to 28 February, 2023.
Statewide Super merged with Hostplus in April 2022.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
