No.
I have oversimplified what has happened. It runs deeper. I'll make this point though.
IOOF basically denied the fact it was their responsibility to pay the money back, and that it was their fault in the first place.
They also allegedly used funds which belonged to the super members to pay their bill.
There is misuse of funds everywhere you look. IOOF basically did whatever they wanted and lied to try to get their way out of it.
It's a massive issue of Integrity which directly links to the value of their Goodwill. You just don't mess with your super members funds. If you can't act as responsible Trustee, you aren't much good as a Super Business
Ann: IOOF response to APRA notice and action, page-111
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Last
$3.30 |
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Mkt cap ! $2.213B | |||
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