The Australian Prudential Regulation Authority (APRA) today accepted an enforceable undertaking from Tab and Eva Fried arising from their actions as Directors of the corporate trustee, Evatab Pty Ltd, for the TED Engineering Key Employees Superannuation Fund (the Fund).

The action was taken by APRA as a result of a judgement against the Frieds in the Supreme Court of Victoria.

The terms of the undertaking prevent the Frieds from acting as trustees, or as directors of a corporate trustee, of an APRA regulated superannuation fund. They are also prevented from acting in the capacity of an investment manager or custodian, or a responsible officer of a body corporate that is an investment manager or custodian of an APRA regulated fund.

APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.5 trillion in assets for 20 million Australians.