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Trio directors banned

IT WAS the largest theft in Australian superannuation history, when tens of millions of dollars in investors' money disappeared into offshore hedge funds. Yesterday, the Australian Prudential Regulation Authority announced it had accepted enforceable undertakings from two directors of the trustee, Trio Capital, removing them from responsible positions within the superannuation industry.

IT WAS the largest theft in Australian superannuation history, when tens of millions of dollars in investors' money disappeared into offshore hedge funds. Yesterday, the Australian Prudential Regulation Authority announced it had accepted enforceable undertakings from two directors of the trustee, Trio Capital, removing them from responsible positions within the superannuation industry.

Trio's chief executive Rex Phillpott undertook not to act as a trustee, investment manager or custodian of an APRA-regulated superannuation entity for 15 years. Trio chairman David Andrews is similarly restricted in his dealings with the superannuation industry for 10 years.


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