A Risk for All Australians

{Published 15 Dec 2014}

Attached letter sent to the former Acting Assistant Treasurer responsible for Compulsory Superannuation.

Senator Cormann 15 December 2014

PR 15 Dec 14

The Chairman of ASIC, Mr Greg Medcraft, has claimed that Australia is a ‘Paradise’ for white-collar criminals – a statement he was forced to retract by the Finance Minister and Acting Assistant Treasurer, Senator the Hon Mathias Cormann.

ASIC falsely claimed to the recent Senate Inquiry into ASIC that there was “No Evidence” to confirm that the original Trust Deed of an occupational pension trust established on the 23 December 1913 had been fraudulently amended.

ASIC has made further representations to the effect that Trustees can amend the terms of a superannuation fund in any manner that they please.

When there is now over one Trillion Dollars held on trust in large superannuation funds, it should be a matter of Public Interest, when ASIC demonstrates much a lack of knowledge of the laws of trusts.

Superannuation funds are the perfect target for white-collar criminals since very large amounts of “other people’s money” is under the direct control of a small number of “trustees”.

For the last six years ASIC has been blocking access to the original Trust Deed of an occupational pension fund established on 23 December 1913.

The attached Media Information Kit #1 demonstrates just how easy it is to steal $100 million if the original Trust Deed is wilfully concealed from the members of a Defined Benefit superannuation fund.

This is the reason that ASIC does not want members to have access to the original Trust Deed of their own fund. It is the members’ money being held on trust and not the Trustee’s money.

This conduct by ASIC puts the “retirement nest eggs” of all Australians at risk of theft by white-collar criminals, even well known white-collar criminals such as Ken Jarrett.

The Government PROMISES compensation if your “retirement nest egg” is stolen, however dishonest lawyers at ASIC will prevent any Australian from obtaining the very evidence they need to prove that much of their “retirement nest egg” has been stolen, so as to protect the interests of the Big End of Town financial instructions who now control most superannuation funds.

This is a National Disgrace.