ASIC Under Chairman Medcraft

Australian Guardians have provide a tab for the Australian Securities and Investments Commission (ASIC) under each of the Chairmen, since ASIC‘s enforcement actions are determined solely at the whim of whoever happens to be the incumbent Chairman and whether such enforcement action is amenable to the Chairman’s own pecuniary interests .

Mr Medcraft is the incumbent Chairman of ASIC commencing as Chairman on 13 May 2011.

Now most people would believe that the Parliament and the Courts create the law, however a Member has provided Australian Guardians with a letter from ASIC dated 6 December 2011 {ASIC Ref: MRZ2011/22327} which confirms that ASIC writes its own laws.

In this letter the ASIC officer confirmed that ASIC would not enforce the disclosure obligations of Section 1017C of the Corporations Act 2001 nor Regulation 7.9.45 of the Corporations Act 2001 once a Trustee had made a “peppercorn” benefit payment to a member of a Government Regulated Superannuation Fund.

This letter also confirmed that ASIC was in Contempt of Court for repudiating undertakings made before the Honourable Justice Kenny in the Federal Court of Australia by ASIC on the 25 May 2011 {VID 323 of 2011}[Refer to ASIC Under Chairman D’Aloisio tab].

This “policy” of ASIC to prevent Members of Government Regulated Superannuation Funds obtaining copies of their Trust Documents should be of great concern to the 12 Million unique Members of these Funds since this now means that their Trustee can release a gross underpayment of their lawful superannuation entitlement and there is now no way for the Member to obtain the very Trust Documents that will confirm the underpayment and to substantiate a claim against the Trustee for a “Breach of Trust“.

This “policy” is counter to a well know legal maxim: “It is fraud to conceal fraud“.

However ASIC is a law unto itself so legal maxims would not be of interest to ASIC.

The very fact that ASIC has a stated “policy” of preventing Members of Government Regulated Superannuation Funds obtaining access to the very Trust Documents they need to check their own benefit is reason enough for every Member of a Government Regulated Superannuation Fund to become a Member of Australian Guardians today.

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