Sunday, July 21, 2024

Former Statewide Super execs face dishonesty charges


Two former senior Statewide Superannuation Pty Ltd executives have appeared before the Adelaide Magistrates’ Court charged with dishonesty offences.

ASIC alleges that former Statewide Chief Financial Officer, Grant David Eastwood, dishonestly used his position in the procurement of a firm, Cosight Pty Ltd (formerly known as Fintrix Systems Pty Ltd), to provide services to Statewide. ASIC also alleges that the former Chief Risk Officer, Kieran Francis Netting, dishonestly used his position regarding a review he conducted connected to the appointment of Cosight to deliver services to Statewide.

Former Statewide Super Chief Risk Officer, Kieran Francis Netting.

Mr Eastwood commenced as Statewide CFO on 16 February 2016 and Mr Netting began as CRO on 13 February 2017. Statewide terminated both men’s employment in January 2020 following an internal investigation.

Statewide subsequently reported this conduct to ASIC.

On 29 April 2022, Statewide merged with Hostplus.

Mr Eastwood and Mr Netting both appeared before the Adelaide Magistrates’ Court on Friday, charged with six counts and one count respectively of using their positions dishonestly for the benefit of another.

The matter has been adjourned to 28 February 2023.

The Commonwealth Director of Public Prosecutions is prosecuting the matter following a referral by ASIC.

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