Trio victims tell opposition it’s too little, too late
Victims of the Trio Capital collapse have accused the Federal Opposition of jumping on their bandwagon for political populism, after refusing to investigate their fraud claims while in Government.
The Victims of Financial Fraud (VOFF), a group comprising 480 investors who all lost money when the Trio Capital superannuation scheme failed, said the former ministers they took their pleas initially are now canvassing the case.
Previously, investors were told the "legislative architecture" prevented compensation for the $190 million fraud because they had self-managed superannuation funds.
They think the former Government's interest has been sparked by finance minister, Mathias Cormann's promise to look at the matter.
Spokesman for the group, Paul Matters, said it was "laughable" that Opposition Leader, Bill Shorten, who blamed market failure for the collapse and said self-managed superannuation fund (SMSF) members were "swimming outside the flags" was now being receptive to their calls.
"They used the current architecture against us and were pushing the interests of the industry funds," he said.
"We don't need to be a political football over this serious issue."
Matters said while the current Government has not promised compensation, it honoured its commitment to revisit the events.
He also said Cormann was the only one who acknowledged that superannuation is now a market.
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