Contact: Devena Kukulj
Deloitte
Media and Communications Manager
(02) 9322 7910

Contact: Tony Brain
Deloitte
Partner - Assurance & Advisory
(03) 9208 7452

Deloitte Management Pty Ltd, Acting Trustee for the Strategic Capital Superannuation Fund, today welcomed the Minister for Revenue and Assistant Treasurer, the Hon. Peter Dutton’s decision to provide financial assistance to the Strategic Capital Superannuation Fund (SCSF).

Deloitte Management Pty Ltd Director, Tony Brain, said the decision was welcome news for members and will assist in ensuring ongoing public confidence in the superannuation industry.

“The Minister’s decision sends a strong message to super fund members, that the government will protect your hard earned dollars if your fund suffers a financial loss as a result of fraudulent conduct or theft that makes it difficult to pay benefits and where a grant is in the public interest,” Mr Brain said.

“Under the decision, the Minister was satisfied that the SCSF suffered what was considered an ‘eligible loss’ arising from alleged fraudulent conduct to the value of $1,648,870.

“The government will provide financial assistance to an amount equal to 90 per cent of the eligible loss or approximately $1.48 million excluding GST and subject to certain conditions.

“Under these conditions, all members eligible for financial assistance, including retired members, will have funds credited to their accounts within six calendar weeks,” Mr Brain said.

The Australian Prudential Regulation Authority, APRA, appointed Deloitte Management Pty Ltd, as Acting Trustee of the SCSF following the removal of the Former Trustee company on 4 April 2003.

Since then, the Acting Trustee has brought the SCSF’s accounting and administration up to date, implemented an appropriate investment strategy for continuing members, and distributed $10.9 million to members in the period to 30 June 2006.