Representatives from the Australian Prudential Regulation Authority (APRA) and the Australian Federal Police (AFP) will today front a public hearing to answer questions in relation to the collapse of fund manager Trio Capital.
The hearing is part of the Parliamentary Joint Committee (PJC) on Corporations and Financial Services’ inquiry into the failings of Trio and related parties.
APRA general manager of actuarial, market and insurance risk services Greg Brunner and APRA general manager of enforcement Louis Serret will front the Sydney-based hearing on behalf of the prudential regulator.
Senior representatives from the AFP, commanders David Stewart and Peter Sykora, will appear at the hearing by teleconference.
Members of the Australian Crime Commission and the Companies, Auditors and Liquidators Disciplinary Board have also been asked to attend.
The PJC has already held more than six public hearings as part of its Trio inquiry.
Today’s hearing is likely to be the PJC’s last opportunity to hear evidence from stakeholders and interested parties before the committee reports its findings and recommendations on Trio to the government.
Calls to PJC chair Deborah O’Neill were not returned by InvestorDaily‘s deadline.
Last month, former PJC chair Bernie Ripoll told InvestorDaily there was a need for today’s public hearing, particularly in light of the PJC releasing its interim report in November last year.
“Quite simply, when we began investigating and inquiring into Trio there were some quite complex and detailed matters and we felt that as a committee that we gave them the right amount of scrutiny and time to be able to work through those issues,” Ripoll said at the time.
“They’re significant, they’re really important and we certainly wanted to do a good job, and so we felt it was necessary to release an interim report and continue the inquiry so we had all the information that we required.”
Trio Capital collapsed in late 2009, resulting in the loss of more than $100 million in investor funds.
