Largest Fraud

Australia’s largest superannuation fraud is associated with a fund that was established in 1913 as the Provident and Guarantee Fund for the male staff employees of Elder Smith & Co Limited. When Elder Smith and Co. Limited was taken over by Elder Smith Goldsbrough Mort Limited an Act of the South Australian Parliament was required to amend the terms of the trust.

Elder Smith Goldsbrough Mort Limited (ESGM), a major shareholder in Henry Jones IXL, was subject to a hostile takeover threat by Robert Holmes a’Court in 1981. While ESGM did in fact acquire Henry Jones IXL for $149 Million, John Elliott and his colleagues assumed control of ESGM then renamed Elders IXL Limited.

Elders IXL Limited is now known as Foster’s Group Pty Ltd a subsidiary company of SABMiller plc.

Further details of Australia’s Largest Superannuation Fraud will be provided on this web site over the coming weeks.


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