Two former executives of Statewide Super have been acquitted of dishonesty charges following a trial in the District Court of South Australia. Former Chief Risk Officer Kieran Francis Netting was found not guilty on October 7, 2025, and former Chief Financial Officer Grant David Eastwood was acquitted of all charges on October 15, 2025.
The case was prosecuted by the Commonwealth Director of Public Prosecutions after a referral from the Australian Securities and Investments Commission (ASIC). The charges stemmed from allegations related to the procurement of services between February 2019 and December 2019, which violated sections 184(2)(a) and (b) of the Corporations Act. Both men were charged on December 9, 2022, and they pleaded not guilty during their preliminary hearing at the Adelaide Magistrates’ Court on February 29, 2024.
The trial commenced with significant attention given the high-profile nature of the defendants and the serious allegations involved. After a thorough examination of the evidence presented by both the prosecution and the defense, the jury deliberated before reaching its verdict.
The acquittals mark a significant conclusion to a lengthy legal process for both executives. Throughout the trial, Mr. Netting and Mr. Eastwood maintained their innocence, and their legal teams argued that the charges were unfounded.
In the aftermath of the trial, both men expressed relief, highlighting the toll that the proceedings had taken on their personal and professional lives. Their acquittals restore their reputations after a period marked by uncertainty and public scrutiny.
This case underscores the importance of legal processes in maintaining corporate governance and accountability, particularly in the financial services sector. The involvement of ASIC and the Director of Public Prosecutions reflects the ongoing commitment to uphold integrity within Australian corporations.
As the legal landscape continues to evolve, this case serves as a reminder of the complexities involved in corporate governance and the necessity for clarity in the actions of executives within financial institutions.
