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Banned Trio director denies wrongdoing

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Former Trio Capital director David Millhouse has “denied any wrongdoing” in the company's collapse, despite expressing regret as part of his enforceable undertaking (EU) with the Australian Prudential Regulation Authority (APRA).

APRA accepted an EU from Mr Millhouse last Thursday in lieu of court proceedings in which he “expressed regret at the consequence of the matters that are the subject of APRA’s concerns”, according to a statement.

However, Mr Millhouse has since spoken out against the investigation, saying he was not associated with the fraud that caused Trio to collapse in 2009.

“I was not a director of Trio when it collapsed in 2009, and I completely reject any notion that I was in any way responsible for what occurred then or had contravened any law during my time as director,” Mr Millhouse said.

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“I have since had to deal with the consequences of a company that defrauded its investors long after I departed both as an investor and a non-executive director.”

As part of his EU, Mr Millhouse has agreed not to act as a trustee or as a responsible officer of a body corporate that is a trustee, investment manager or custodian of an APRA-regulated superannuation entity for a period of 10 years.

APRA accepted the EU in lieu of pursing Federal Court proceedings, which it began in August of this year.

In addition, Mr Millhouse said he has launched a counter lawsuit against APRA for financial losses of $10 million and the effect on his reputation – although a spokesperson for APRA told InvestorDaily no such counter lawsuit had been instigated.

Mr Millhouse welcomed the dismissal of proceedings as the first step in restoring his reputation, and has said he was keen to assist APRA in bolstering Australia’s financial corporate governance.

“I believe my experience can bring key insights into how we can make sure incidents like Trio Capital can’t happen again,” Mr Millhouse said.