The Federal Court in Melbourne has ordered that Mr David Robert Siminton be restrained from:

• accepting money on deposit from members of the public through the Principality of Camside or Terra Nova Cache;
• assuming or using the words 'bank', 'banker', 'banking' or any similar words or phrases in relation to its business;
• advertising, representing or stating that he will carry on banking business;
• dealing with monies or property held in his name, in the name of associated parties or on behalf of himself, the Principality of Camside or the Terra Nova Cache.

The Federal Court also listed for hearing on 30 January 2006 a Notice of Motion filed by APRA. In the course of the interlocutory hearing on 10 January his Honour Justice Gray noted that Mr Siminton appeared to have tried to circumvent an earlier order freezing assets under his control because material before Justice Gray suggested Mr Siminton had sought to withdraw a large amount of money by using the bank account of a friend.

Earlier Court orders allowing Mr Siminton access to limited funds for legal expenses and personal living expenses were varied after Mr Siminton declined to provide evidence of the source of funds held, or evidence of his own means of support.

The Federal Court ordered that Mr Siminton must obtain prior written consent from APRA before he is able to access any funds under his control, and that these funds can only then be used for such purposes as APRA has given consent. Mr Siminton may apply to the Federal Court for a variation of the current orders if he simultaneously provides an affidavit as to his means.

APRA's investigation into alleged breaches of the Banking Act 1959 is continuing.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.
APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $2.2 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:
Pauline Hayes, Public Affairs Manager
Australian Prudential Regulation Authority
Telephone: 02 9210 3143
Mobile: 0417 528 660

All other inquiries:
APRA Contact Centre
1300 131 060