The Australian Prudential Regulation Authority (APRA) today announced that it has removed the trustee of the Western Australian-based Osborne Superannuation Fund (the Fund).

APRA commenced a formal investigation into the affairs of the Fund under the Superannuation Industry (Supervision) Act 1993 on 18 February 2004, following the failure of the former trustee of the Fund, Bridlington Nominees Pty Ltd, and one of its directors, Ramon Ronald Theodore Osborne, to comply with Orders of the Western Australian District Court to pay damages relating to a superannuation fund investment or to refund superannuation payments to a fund member.APRA subsequently froze the assets of the Fund to protect the interests of its members.

The Australian Securities and Investments Commission (ASIC) will also be conducting a surveillance to review the conduct of the former trustee of the Fund to determine whether the former trustee has complied with its record keeping, disclosure and member obligations.

ACT Super Management Pty Ltd, a wholly-owned subsidiary of KPMG, has been appointed as the acting trustee of the Fund to ensure that its assets are properly valued and realised to the benefit of members.

Deputy Chairman, Mr Ross Jones, said APRA is continuing itsinvestigation into the conduct of the former trustee.

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.