WBC westpac banking corporation

News: WBC Westpac Commences Proceedings In Federal Court Of Australia Against Forum Finance Pty

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    July 2 (Reuters) - Westpac Banking Corp (WBC) :

    • COMMENCED PROCEEDINGS IN FEDERAL COURT OF AUSTRALIA AGAINST FORUM FINANCE PTY
    • PROCEEDINGS COMMENCED FOLLOWING DISCOVERY OF A SIGNIFICANT POTENTIAL FRAUD
    • POTENTIAL FRAUD RELATES TO PORTFOLIO OF EQUIPMENT LEASES WITH WESTPAC CUSTOMERS ARRANGED BY FORUM FINANCE
    • IT APPEARS NO WESTPAC CUSTOMER HAS SUFFERED A FINANCIAL LOSS
    • BANK HAS A POTENTIAL EXPOSURE OF AROUND $200 MILLION AFTER TAX, WITH EXTENT OF ANY LOSS DEPENDENT ON OUTCOME OF ITS INVESTIGATION
    • HAS OBTAINED CERTAIN ASSET FREEZING AND SEARCH ORDERS TO PRESERVE AVAILABLE ASSETS AND RELEVANT INFORMATION
    • WESTPAC IS CONTINUING TO INVESTIGATE HOW THIS OCCURRED, INCLUDING UNDERTAKING AN EXTERNAL REVIEW
    • FRAUD APPEARS TO HAVE BEEN PERPETRATED EXTERNALLY
 
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Last
$34.31
Change
0.650(1.93%)
Mkt cap ! $117.3B
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