Sir Robert Menzies

{Published on 21 November 2014}

The following document was provided to the Chairman of ASIC:

ASIC Chairman 21 November 2014


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 Acting Assistant Treasurer, Senator the Hon Mathias Cormann.

The High Court in England recently struck down 30 purported amending Deeds of a pension fund on the grounds that these Deeds had failed to comply with the legal formalities required for amending Deeds. Likewise there are 27 purported amending instruments related to The Provident Fund {aka Elders IXL Superannuation Fund} that fail to comply with the requirements of legally valid amending Deeds.

Even if a purported amending Deed complies with the legal formalities, the document may still be void and ineffective if the purported amendment is not used to promote the purpose of the trust or is used for an ulterior purpose. In this case the document would be void under the doctrine of a “Fraud on a Power” {or the “improper purpose” doctrine}.

Lord Northington  said in 1758:

No point is better established than that, a person having a power, must execute it bona fide for the end designed, otherwise it is corrupt and void.”

The right of widows to receive a survivorship pension cannot be abrogated by a later Deed of Variation as has been confirmed by Sir Robert Menzies and the High Court of Australia.

ASIC has misrepresented the law of trusts to the Senate Economics Committee and to numerous Whistleblowers.

There is now over $1 Trillion held “on trust” by Trustees of large superannuation funds and it is a matter of Public Interest if ASIC officers either have little or no knowledge of the laws of trusts or if they do, deliberately misrepresent these laws so as to protect their Big End of Town clients who administer these superannuation funds.