The Australian Prudential Regulation Authority (APRA) today announced that it has replaced the corporate trustee of the T M Barritt Superannuation Fund, Phenomenon (AUS) Pty Ltd, the sole director of which is Mr Timothy Melrose Barritt.

APRA also announced it proposes to conduct an investigation into the affairs of the Fund, in cooperation with the Australian Taxation Office and the Australian Securities and Investments Commission

Grant Thornton Nominees (Qld) Pty Ltd ACN 051 929 143 has been appointed as acting trustee of the Fund.

The action taken by APRA to replace the trustee has been necessary because the corporate trustee of the fund is a disqualified person within the meaning of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).

Mr Barritt is a Gold Coast businessman who was convicted in the Southport District Court in August 1999 on eight charges of forging and uttering documents in Queensland contrary to the Commonwealth Crimes Act 1914. He was sentenced to 18 months imprisonment but was released forthwith upon giving security by way of recognisance in the sum of $2000, conditional that he be of good behaviour for four years and pay the Commonwealth a pecuniary penalty of $1800.

Mr Barritt operates a business that charges clients a substantial fee for submitting applications to APRA (formerly the Insurance and Superannuation Commission) for the early release of superannuation benefits on specified grounds. Between 17 March and 1 June 1998, Mr Barritt submitted forged documents to APRA in support of an application for the early release of superannuation benefits by a client.

His conviction disqualifies Mr Barritt from acting as a trustee of a superannuation fund.

For more information contact:

Gloria Peterson Public Affairs Manager 02 9210 3385 or 0419 250 286