Australia - The Australian Securities and Investments Commission (ASIC) has obtained consent orders against Sonatane Haiton Hafoka for his involvmenet in running an unlicensed financial sevices business that offered people early access to their superannuation funds.
The Court ordered that Hafoka be prevented from leaving Australia and from providing financial services, dealing with or disposing of any assets held on behalf of the Kassongo Superannuation Fund and dealing with or disposing of any money he may hold, except for the payment of ordinary living expenses and legal fees.
ASIC already has proceedings against Atan Ona Kassongo for his involvement.
ASIC’s executive director of enforcement Ms Jan Redfern said: “The law clearly states when a person can properly access their superannuation funds. Anyone who tries to access their superannuation early may face adverse taxation and other financial consequences.”
ASIC’s investigation is continuing. The Australian Taxation Office is assisting ASIC with its investigation. The matter returns to Court for a directions hearing on Monday 26 March 2007.
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