- NAB linked to investigation into multi-million-dollar corporate fraud
- By RACHAEL JONES
- 10/04/2018 Make a Comment
- Contributed by: Sime ( 14 articles in 2018 )
Three Sydney businesses were raided this morning by detectives as part of an ongoing investigation into multi-million-dollar corporate fraud involving the National Australia Bank.
Search warrants were issued for businesses in North Sydney, Milsons Point and Potts Point. Detectives searched the properties just after 9:00am on Tuesday.
The North Sydney business raided has been named as events management company Human Group.
Earlier this year, detectives from the State Crime Command's Financial Crimes Squad established Strike Force Napthali to investigate allegations of corrupt commissions being paid for contracts.
Investigators have been told about a scheme whereby a person would allegedly receive corrupt commissions to authorise payments of invoices for a contractor, which were in excess of the agreed value of the contract.
Large amounts of documents were seized along with electronic storage devices. They are currently being examined by the squad's forensic accountants.
Financial Crimes Squad Commander, Detective Superintendent Linda Howlett said detectives are working closely with the NAB's investigators to establish exactly what has occurred.
"Our Corporate Corruption Team has been working tirelessly to track payments and other funds to determine if an offence has been committed," Detective Superintendent Howlett said.
"From the information we have gathered so far, we know there are people who have significant information that may assist us, and we are appealing for them to come forward.
"These investigations are complex and often protracted, but it's likely even a small piece of valuable information or insight could assist us in resolving the matter swiftly."
NAB CEO Andrew Thorburn released a statement this morning stating that the people under investigation no longer work with the bank. He said no customers were involved or impacted.
Investigations under Strike Force Napthali will continue.
More:
NAB boss 'devastated' by alleged fraud investigation
National Australia Bank chief executive Andrew Thorburn says he feels 'sadness and grief' after discovering someone with whom he had "a longstanding personal relationship' was allegedly involved in a multi-million dollar fraud against the lender. Police raided a number of properties on Tuesday over allegations some NAB employees obtained kick backs for approving grossly inflated invoices from an executive events firm, Human Group. As of Wednesday no charges have been laid. Speaking at the Inspiring Leaders Summit in Sydney Mr Thorburn says the allegations of fraud has deeply impacted the bank.
Sources:
https://mobile.abc.net.au/news/2018-04-10/nab-linked-to-corporate-fraud-investigation/9637424?pfm=sm&utm_postdate=04/10/18
https://www.adelaidenow.com.au/business/national-australia-bank-chief-executive-andrew-thorburn-says-he-feels-sadness-and-grief-after-discovering-someone-with-whom-he-had-a-longstanding-personal-relat
Search warrants were issued for businesses in North Sydney, Milsons Point and Potts Point. Detectives searched the properties just after 9:00am on Tuesday.
The North Sydney business raided has been named as events management company Human Group.
Earlier this year, detectives from the State Crime Command's Financial Crimes Squad established Strike Force Napthali to investigate allegations of corrupt commissions being paid for contracts.
Investigators have been told about a scheme whereby a person would allegedly receive corrupt commissions to authorise payments of invoices for a contractor, which were in excess of the agreed value of the contract.
Large amounts of documents were seized along with electronic storage devices. They are currently being examined by the squad's forensic accountants.
Financial Crimes Squad Commander, Detective Superintendent Linda Howlett said detectives are working closely with the NAB's investigators to establish exactly what has occurred.
"Our Corporate Corruption Team has been working tirelessly to track payments and other funds to determine if an offence has been committed," Detective Superintendent Howlett said.
"From the information we have gathered so far, we know there are people who have significant information that may assist us, and we are appealing for them to come forward.
"These investigations are complex and often protracted, but it's likely even a small piece of valuable information or insight could assist us in resolving the matter swiftly."
NAB CEO Andrew Thorburn released a statement this morning stating that the people under investigation no longer work with the bank. He said no customers were involved or impacted.
Investigations under Strike Force Napthali will continue.
More:
NAB boss 'devastated' by alleged fraud investigation
National Australia Bank chief executive Andrew Thorburn says he feels 'sadness and grief' after discovering someone with whom he had "a longstanding personal relationship' was allegedly involved in a multi-million dollar fraud against the lender. Police raided a number of properties on Tuesday over allegations some NAB employees obtained kick backs for approving grossly inflated invoices from an executive events firm, Human Group. As of Wednesday no charges have been laid. Speaking at the Inspiring Leaders Summit in Sydney Mr Thorburn says the allegations of fraud has deeply impacted the bank.
Sources:
https://mobile.abc.net.au/news/2018-04-10/nab-linked-to-corporate-fraud-investigation/9637424?pfm=sm&utm_postdate=04/10/18
https://www.adelaidenow.com.au/business/national-australia-bank-chief-executive-andrew-thorburn-says-he-feels-sadness-and-grief-after-discovering-someone-with-whom-he-had-a-longstanding-personal-relat
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