Case of alleged victimisation of superannuation trustee to go to trial
_________________________________________________________
UPDATE: On 19 July 2011, a jury in the Brisbane Magistrates Court found Ian Frank Baldock not guilty of the criminal charges outlined below. Mr Baldock remains disqualified by APRA.
_________________________________________________________
A former executive director of the Queensland Retail Traders and Shopkeepers Association (QRTSA) has been committed to stand trial for alleged victimisation against a responsible officer of a corporate trustee, in an action commenced by the Australian Prudential Regulation Authority.
In the Brisbane Magistrates Court yesterday, Ian Frank Baldock was committed to stand trial on two charges of victimisation laid under section 68 of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).
Section 68 of the SIS Act makes it an offence for a person to commit an act of victimisation against a responsible officer of a corporate trustee of an employer sponsored superannuation fund.
APRA alleged that Mr Baldock victimised two trustee directors of a superannuation fund linked to QRTSA.APRA alleged that Mr Baldock caused both individuals, a QRTSA employee and the auditor of QRTSA, to suffer a financial detriment by terminating their employment/audit engagement for simply carrying out their legal obligations as trustee directors to act in the best interests of fund members.
The individuals were directors of Australian Enterprise Superannuation Pty Ltd (AES) in its capacity as trustee of the Australian Enterprise Superannuation Fund (AESF). During the relevant period, the Australian Enterprise Superannuation Fund had assets of approximately $90m on behalf of 21,000 members. APRA took action to protect the interests of the members of the fund.
The matter will be listed for trial in the District Court in Brisbane on a date to be fixed.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
APRA issued a media statement on this matter in August 2009 which is available on APRA’s website. Click here for more details.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.