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MPs urge Trio Capital probe to continue

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CANBERRA, Feb 7 AAP

February 07 2013, 8:09PM

A federal parliamentary committee has urged authorities to continue pursuing the perpetrators of the Trio Capital fraud.

Some $176 million was lost or went missing following the collapse of Trio in late 2009 - the largest superannuation fraud in Australian history.

A joint parliamentary committee on Thursday implored the Australian Securities and Investment Commission (ASIC), the federal police and the crime commission to continue their inquiries into the fraud.

The committee also commended ASIC for helping reach a settlement with the Commonwealth Bank of Australia on compensation costs for the collapse of Storm Financial.

Clients of the Townsville-based financial services company lost about $830 million in the collapse.