THE collapse of the Corrections Corporation Staff Superannuation Fund (CCA) stemmed mainly from the forced sale of one major asset, a new report has found.
THE collapse of the Corrections Corporation Staff Superannuation Fund (CCA) stemmed mainly from the forced sale of one major asset, a new report has found.
There appeared to be no evidence of impropriety or fraud, the report funded by the Australian Prudential Regulation Authority (APRA) concluded.
This highlights the need for all investors to maintain sufficient liquidity to meet unexpected contingencies.
The report found that, towards the end of 2000, the Corrections Corporation lost a significant part of its contracts to provide security and administrative services to state-run prisons. As a result, the super fund had to liquidate most of its assets to pay out departing staff.
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