ASIC hits EQT for Shield compensation
Equity Trustees (ETSL) has confirmed that the Australian Securities and Investments Commission (ASIC) has adjusted its statement of claim against the company to include compensation for losses incurred by members of its superannuation funds.
The company said that ASIC had amended its statement of claim to include a claim for compensation for orders for losses incurred by members of the AMG Super and Super Simplifier platforms who invested in the Shield Master Fund, in addition to its initial claim for civil penalties and legal costs.
In an announcement to the Australian Securities Exchange (ASX), EQT director, Mick O’Brien said ASIC’s new focus on member compensation drew attention to the cause of the members” losses, which EQT maintains were not due to its actions.
“ETSL maintain that it has acted in accordance with its fiduciary duties and obligations under the Corporations Act and the Superannuation Industry (Supervision) Act,” he said.
ETSL therefore intend to continue to defend the proceeding, including potentially by seeking court orders that other parties compensation to members.
One of the EQT directors is Kellie O’Dwyer, the former Financial Services Minister who oversaw the introduction of LIF and a slew of other bad regulation that has harmed Australian consumers. Seems like she’s still causing harm.