The Australian Prudential Regulation Authority (APRA) today noted that Michael van Rens and Anthony Glass, former trustee directors of the Strategic Capital Superannuation Fund, have withdrawn their appeals lodged with the Administrative Appeals Tribunal.

APRA disqualified Mr van Rens and Mr Glass from acting as superannuation trustees, investment managers or custodians in August 2004. They then made an application to the AAT seeking a review of that decision and were granted a stay order by the AAT pending the full AAT hearing.

On 21 September 2005, Mr van Rens and Mr Glass withdrew their appeal to the AAT and, as a result, the stay orders they had obtained from the AAT were revoked. Accordingly, Mr van Rens and Mr Glass are now disqualified persons within the definition contained in section 120 of the Superannuation Industry (Supervision) Act 1993.

Mr Van Rens and Mr Glass were two of the four individuals that were former trustee directors of Perth-based Strategic Capital Superannuation Fund, which managed some $20 million in total contributions on behalf of 488 members.

APRA replaced the former trustee in April 2003 on the grounds that its conduct may have placed, or may place, the Fund in an unsatisfactory financial position and appointed Deloitte Management Pty Ltd as Acting Trustee to reconstruct the accounts and secure the Fund assets.
 

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 $2.0 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.