Some of the largest and most powerful players in the Australian economy have connections to unions and the Labor Party in their DNA.
The regulator has raised doubts over whether Cbus has completed the necessary processes under its licence conditions,after the fund said three CFMEU-linked directors had passed a fit and proper persons test and would be appointed to its board.
The allegations against one of the country’s biggest superannuation funds is politically explosive and hugely embarrassing for one of the so-called gamekeepers of governance.
Appearing before a Senate inquiry on Thursday morning,Cbus chief executive Kristian Fok was grilled on a litany of scandals engulfing the embattled fund.
ASIC believes the scale of alleged failings at $94-billion super fund Cbus are a broader industry issue,and it’s flagged there could be more “enforcement action to follow”.
The corporate regulator is taking the embattled construction superannuation fund to court for not processing death and disability insurance claims in a timely manner,costing its members about $20 million.
The administrator of the trouble-plagued CFMEU has nominated three directors to the $94 billion superannuation fund Cbus.
Police allege the high-ranking official boasted to corrupt building firms that he could secure them lucrative jobs on construction projects financed by superannuation giant Cbus.
Cbus said the system was too complex,and as a result,its members,whose super balances are lower than the average population,were financially worse off.
Cbus says superannuation ‘stapling’ has failed,causing more harm than good,and calls for an overhaul of the policy.
Growth superannuation investment options recouped almost all of their losses of the 2021-22 financial year in July.