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APRA DISQUALIFIES SUPERANNUATION TRUSTEES

27 May 2004
04.16

The Australian Prudential Regulation Authority (APRA) today announced the disqualifications of Mr Cleo Antoniou and Mr George Stavros under the Superannuation Industry (Supervision) Act 1993 (the SIS Act), effective 18 May 2004.
 
Mr Antoniou and Mr Stavros were both directors of SSARB Pty Ltd, the corporate trustee of the Melbourne-based SSARB Superannuation Fund.
 
As a result of the disqualifications, Mr Antoniou and Mr Stavros are prevented from acting as trustees, investment managers or custodians of an APRA-regulated superannuation entity or as responsible officers of a trustee, investment manager or custodian of an APRA-regulated superannuation entity.
 
APRA has determined that they were both directors of SSARB Pty Ltd when it contravened various provisions of the SIS Act, and that the number and seriousness of those contraventions provided APRA with sufficient grounds for their disqualification.
 
In announcing the disqualifications, APRA’s Deputy Chairman, Mr Ross Jones, said APRA’s primary concern had been to ensure that the interests of the fund’s members had been protected.
 
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 $1.7 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.