Australians compelled into superannuation are in trouble if overseas crime gangs target their savings. But if Chines are caught up in the same fraud - do they get their money back?


In 2016 the AFP Commissioner Andrew Colvin presented a cheque of $215,769.26 in proceeds from crime to senior official from China, in a goodwill gesture.The Ministry of Public Security from China was Meng Qingfeng.

Source: Bill Birtles China correspondent 26 Sep 2017

http://www.abc.net.au/news/2017-09-26/australian-police-pass-the-bucks-to-china-in-goodwill-gesture/8987154

The Australian Securities and Investments Commission don’t have power in the overseas jurisdictions and the Australian Federal Police ‘has the powers to recover assets which are deemed to be proceeds of crime. However, the AFP would not sell those assets and would therefore not be able to deliver the proceeds to the victims of crime’.

Source:PJC Report 2012 page 143. Ref. Commander Peter Sykora, Manager of Crime Operations, Australian Federal Police, Committee Hansard, 4 April 2012, p. 26.

The issues

presented throughout the following pages reflect the diversity and complexity of the impact against the people who had their retirement savings stolen from The Astarra Strategic Fund. 

1. High-Frequency Trading

Senator Jacqui Lambie expressed concern in parliament

 

2. APRA abuse the FOI process.

Apparent from our own experience in dealing with APRA through the Freedom of Information process, but confirmed through information found online about other examples where the FOI process appears not to be followed.

 

3. Court

A visitor in the court room noticed the friendly association shown between ASIC and the prisoner.

 

4. Submission

VOFF address some issues through submission process.

 

5. Documentary

Film maker prepares to produce a documentary about the Trio fraud in the global setting of other fraudulent events.

 

6. Transparency

Due to the lack off transparency, the fraud was successful.

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