The Former Minister Responsible for Superannuation

The former Minister responsible for superannuation was, the Hon Josh Frydenberg MP, the Member for Kooyong.

Contact details are: josh.frydenberg.mp@aph.gov.au.

Electoral Office:

695 Burke Road, Camberwell, VIC, 3124

 
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The Assistant Treasurer is also the Minister responsible for ASIC and has the power under Section 14 of the ASIC Act 2001 to give a direction to ASIC to investigate allegations of fraudulent conduct {Refer below}.

Evidence provided to the Assistant Treasurer

The following document has been provided to the Assistant Treasurer:

Josh Frydenberg – Proving the Fraud

Correspondence with ASIC

In a letter dated 28 March 2015, the Chairman of ASIC was asked to confirm to the Assistant Treasurer that no Deeds of Variation exist which repeal the entitlement of widows of former employees of Elders IXL Ltd and subsidiary companies to receive a survivorship pension.

A copy of this letter can be found as follows:

ASIC Chairman 28 March 2015

The covering letter to the Assistant Treasurer can be found as follows:

Assistant Treasurer – 28 March 2015

Correspondence with the Assistant Treasurer

In a letter dated 26 January 2015, attached to a Press Release, the Assistant Treasurer was asked to confirm the policy of the Coalition Government for providing compensation to the victims of superannuation fraud. It is the policy of the Labor Opposition to provide 100% compensation

Assistant Treasurer – 26 January 2015

No response has been received from the Assistant Treasurer.

After victims of Australia’s Largest Superannuation Fraud contacted the Assistant Treasurer, the following letter was sent on behalf of the Assistant Treasurer.

Letter from The Treasury - 10 Mar 2015

The excuse provided in this letter is that “ASIC has given extensive consideration to this matter..

Of course the “extensive consideration” given by ASIC is how to protect the interests of its client, the National Australia Bank, and not the interests of the victims of the fraud who have lost around 80% of their lawful retirement benefit and in the case of widows 100%.

ASIC is the prefect example of “Regulatory Capture” and ASIC’s credibility is shot after the recent scandals involving the Commonwealth Bank and the National Australia Bank.

Section 14 of the ASIC Act 2001

Minister may direct investigations

(1) Where, in the Minister’s opinion, it is in the public interest in respect of this jurisdiction for a particular matter to which subsection (2) applies to be investigated, he or she may by writing direct ASIC to investigate that matter.

(2) This subsection applies to a matter relating to any of the following:

  • (a) an alleged or suspected contravention of the corporations legislation (other than the excluded provisions);
  • (b) an alleged or suspected contravention of a law of the Commonwealth, or of a State or Territory in this jurisdiction, being a contravention that:
  • . (i) concerns the management or affairs of a body corporate; or
  • . (ii) involves fraud or dishonesty and relates to a body corporate or financial products;
  • (c) the affairs, or particular affairs, of a corporation;
  • (d) dealing in financial products;
  • (f) the establishment or conducting of a financial market;
  • (g) the provision of a clearing and settlement facility;
  • (ga) the provision of a derivative trade repository;
  • (j) the giving of advice, analyses or reports about financial products;
  • (k) the provision of compensation arrangements for a financial market.

  • (3) ASIC must comply with a direction under subsection (1).

    (4) A direction under subsection (1) does not prevent ASIC from delegating a function or power.


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    This tab updated on 28 March 2015