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National Australia Bank has been chastised for withholding a document from the banking royal commission that showed bosses knew about widespread fraud in its controversial “introducer program” months before telling the regulator.
The commission’s also heard evidence on Wednesday of NAB’s desire to begin a compensation program for customers who had been affected by an alleged bribery ring involving NAB staff in 2015, chiefly to protect the bank’s reputation.
https://www.theguardian.com/australi...-well-aware-of
Our man left NAB in 2014, but this compensation program would surely have been designed and implemented under his watch before the alleged problem surfaced in 2015?
As I understand it, the introducer stuff was just small amounts taken as bribes from people who couldn't afford to service a loan on the usual basis.
Hardly something a CEO of a bank would be involved in, or given the level at which it occurred, even hear about.
No, this was branch manager and below level.
If upper echelon management had heard about it when it was still occurring, heads would have rolled, as those heads were expendable.
The real pain for the banks and their senior officers relates to much, much bigger issues which will be revealed in the course of the RC.
It is premature, dangerous, and possibly a contempt of the Commission to speculate on it here and now.
I would recommend people refrain from doing so, and if they have an issue, raise it in a submission to the RC. That would be a far safer course for all concerned.
But surely Fulvio this 'Finder' program would have need to have been endorsed by the Bank executive prior to implementation and they should have ensured that sufficient safeguards were in place to prevent this rorting from happening?
Either he was in on it or he was incompetent
The truth may set you free, but only evidence convicts
Is it not possible to be both?
"12 Years aSupporter" starring the #SeaOfBlue
Yes it is
The truth may set you free, but only evidence convicts
The whole point of taking or asking for bribes is for the receiver to obtain a personal benefit without superiors being aware of it.
Does the CEO of Peters Icecream get to hear about a delivery driver taking home a drumstick?
The CEO may not get to hear about a delivery driver taking home a drumstick (not sure why he would take home a drumstick), but it is his job to ensure the systems are in place to prevent this type of activity. If he hasn't put the systems in place to ensure integrity of the process then he is incompetent. (IMO)
The truth may set you free, but only evidence convicts
You know what, go for it.
Some lawyer will be happy to take your money.
Article in Herald Sun about the fraud the Victoria Government with a rorts for votes scandal! Any links![]()
to the Rebels and AR or is it just setting the background up to what we were up against?
Here is The Age's take on it
https://www.theage.com.au/politics/v...21-p4z5du.html
We really need something to knife de Clyne as ASIC could take two years to investigate.
'I may be a Senator but I am not stupid'
https://omny.fm/shows/the-alan-jones-breakfast-show/cameron-clyne
Link to Senate Report http://www.aph.gov.au/senate_ca
https://www.change.org/p/rugby-australia-petition-for-cameron-clyne-to-resign-as-chairman-of-the-rugby-australia-board
The truth may set you free, but only evidence convicts
http://asic.gov.au/about-asic/media-...mited-charged/
more interesting reading today re breach of directors duties
The truth may set you free, but only evidence convicts