Australia’s companies in Australia launched a civilian court penalty against the Superncement Limited stock, claiming that the guardian failed in his duties when investing retirement savings in the Shield Master Fund.
The Australian Securities and Investment Committee (ASIC) said that the stock trustees supervised the investment of about $ 160 million of retirement savings in the shield via 2023 and 2024.
Asek said the box had no busy record, and thousands of members eventually saw their balances.
“Instead of working as an effective gateway to the retirement of its members’ retirement savings, ASEC claims that the stock trustees allowed thousands of members of the shield that had no busy record. These members eventually saw their superstition,” said Acek deputy, Sarah Court, said.
She added that the issue was part of ASIC’s broader efforts to protect retirement savings: “Retirement secretaries play a decisive role in helping people save them. We expect them to do so with care and skill and put the interests of their members first.”
ASEC claims that stock trustees have failed to exercise expected care from the wise guardian, dispose of the best financial interests of the members, and ensure the provision of financial services “efficiently, honestly and just”.
The court noted that the procedure was “the first measure against the retirement secretary regarding this complex group of investigations,” warning that there are more cases. ASIC seeks to obtain civilian ads and penalties.