Two former senior executives of super fund Statewide Superannuation have appeared before the Adelaide Magistrates Court regarding dishonesty offenses pertaining to their procurement of services between February and December 2019.
It is alleged by the Australian Securities and Investments Commission (ASIC) that Statewide Superannuation chief financial officer Grant David Eastwood used his position dishonestly to obtain the services of Cosight Pty Ltd, formerly known as Fintix Systems Pty Ltd, for the super fund.
In addition, the corporate regulator alleged Statewide Superannuation chief risk officer Kieran Francis Netting used his position in the organisation dishonestly in the review he conducted in relation to having Cosight provide services to the fund.
Eastwood commenced his employment term with Statewide Superannuation on 16 February 2016, while Netting joined the super fund’s executive team on 13 February 2017.
Statewide Superannuation conducted its own investigation into the behaviour of these individuals and subsequently reported their actions to ASIC. Both men had their employment terminated by the super fund in January 2020.
Eastwood appeared before the Adelaide Magistrates Court on 9 December over six counts of using his position dishonestly for the benefit of another, constituting a contravention of section 184(2)(a) and (b) of the Corporations Act.
Netting was charged with one count of the same offence.
The matter was adjourned until 28 February 2023.
ASIC referred the matter to the Commonwealth Director of Public Prosecutions, which is prosecuting the alleged offences.
Statewide Superannuation merged with rival super fund Hostplus on 29 April this year.
