The acting trustee of a number of Trio Capital funds has summoned three individuals, including a former Trio director, to face a fresh round of examinations into the collapse of the group.
In a notice to creditors, dated 6 February, ACT Super Management called on John Alan Godfrey, former director Keith Rex Kinkelde and Mark Weller to appear before the public examination.
The examinations would be held in the Supreme Court of New South Wales on 27 February, the notice said.
On the same day, examinations of Michael Anderson, Ian Baxter Kilday, David O'Bryen, Natasha Beck and the further examination of Cameron Anderson will also be held.
In November last year, ACT Super, the acting trustee of four Trio funds, including the Astarra Strategic Fund, announced its intention to begin public examinations.
ACT Super has already undertaken considerable investigations since its appointment in December 2009.
The investigation has also included the funds' investment in failed property developer Ualan Property Holdings Pty Limited.
News of further examinations of former Trio directors and parties allegedly associated with Trio comes as the federal government's $54 million compensation payment begins to filter into investor accounts.
Financial Services and Superannuation Minister Bill Shorten yesterday said more than 5300 Australians could expect to receive their share of compensation money as of 8 February, with funds progressively credited to members' superannuation accounts over the next two weeks.
"The time it has taken to finalise payment to members reflects the inherent complexities of the Trio case, including the need to re-calculate member balances to replace the fictitious Trio returns with an alternative unit price based on a fair and reasonable return," Shorten said.
The payment was a "good outcome" for the investors in Australian Prudential Regulation Authority (APRA)-regulated funds, who were defrauded of their superannuation in the collapse of Trio, he said.
"I want to thank the Member for Throsby [Labor MP Stephen Jones] and the Member for Cunningham [Labor MP Sharon Bird], who both made strong representations on behalf of their many constituents who were robbed of their savings by Trio," Shorten said.
"I also want to thank APRA for their hard work. The government is reviewing future compensation arrangements."
The government has granted over $54 million in financial assistance to benefit the members of four APRA-regulated superannuation funds that were formally under the trusteeship of Trio.
The assistance was granted under part 23 of the Superannuation Industry (Supervision) Act 1993 and is for members of the Astarra Superannuation Plan, Astarra Personal Pension Plan, My Retirement Plan and Employers Federation of NSW Superannuation Plan.
Information relating to the payment process can be found at www.triocapital.com.au.
