APRA shuts down CNAL directors
THEAustralian Prudential Regulation Authority(APRA) has disqualified two former directors of Commercial Nominees of Australia (CNAL) from acting as responsible officers, taking the total number of people disqualified in relation to the failed super trustee group to five.
Ross James Honeyman and Carl Peter Hanich were disqualified from acting as responsible officers of a superannuation trustee, investment manager or custodian due to their lack of fitness or propriety under the Superannuation Industry (Supervision) Act.
The two directors join Andrew Bryden Skinner, Erica Jane Robinson and Anthony David Hall, all former directors, who were disqualified late last year for their actions surrounding the failure of CNAL.
Superannuation fund members lost more than $30 million as a result of CNAL’s collapse in 2001.
APRA says it is still considering whether other ex-CNAL directors should be disqualified.
APRA says while it did not find Honeyman and Hanich acted dishonestly, the two still failed to exercise a degree of care and diligence in ensuring that CNAL carried out its trustee duties.
However, APRA says the disqualified persons can appeal the decision and have 21 days in which to do so or take it to the Administrative Appeals Tribunal. One of the former directors, Robinson, is currently seeking a review of her disqualification.
AUTHOR
Jason Spits
Recommended for you
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Fund managers are entering 2025 with the most bullish sentiment since August 2021 and record high allocations to US equities, thanks to the incoming Trump administration.
An independent expert has ruled the Perpetual deal with KKR is no longer in the best interest of shareholders in light of the increased tax liabilities.
