12/11/2013 - 15:25

Alcoa super fund hit by fraud claim

12/11/2013 - 15:25

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Alcoa super fund hit by fraud claim

Auditors for the state's biggest corporate superannuation fund have reportedly uncovered fraudulent activity by a past employee.

News reports today reveal Marc Bell, a former secretary of the $1.4 billion Alcoa of Australia Retirement Plan, allegedly syphoned funds into his own private company by billing administration work off the fund in 2012.

The individual is reported to have left the country and his private company went into liquidation in March leaving more than $1 million in debts, mostly owed to the tax office.

The Alcoa fund is one of the biggest funds in the state, and the largest non-retail fund in the private sector.

 

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