The Minister for Financial Services on Thursday 9.2.2012, announced that more than 5,300 people can now expect to start seeing their share of over $54m in compensation payments, to be paid following the collapse of Trio Capital Ltd. Money will be progressively credited to member’s superannuation accounts over the next 2 weeks, he said. Mr Shorten said there were 5,358 people in APRA regulated funds who were defrauded of their superannuation in the collapse of Trio.
The Minister said the Government had granted over $54m in financial assistance to benefit the members of 4 APRA regulated superannuation funds that were formally under the trusteeship of Trio. The assistance, granted under Pt 23 of the Superannuation Industry (Supervision) Act 1993, is for members of the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan.
Source: Minister for Financial Services press release No 004, 9 February 2012
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