An alleged multimillion-dollar corporate fraud involving a major bank supplier has led to several businesses being raided by police.
NSW Police announced that it had raided four Sydney properties, three of which were at business premises in North Sydney and nearby Milsons Point.
“Investigators have been told about a scheme whereby a person would allegedly receive corrupt commissions to authorise payments by a financial institution of invoices for a contractor, which were in excess of the agreed value of the contract,” the State Crime Command’s Financial Crimes Squad said in a statement.
“During the warrants, investigators seized large amounts of documents and electronic storage devices, which will be examined by the squad’s forensic accountants.”
Shortly after, National Australia Bank (NAB) issued a statement confirming that it had been caught up in the investigation.
In a message to “NAB senior leaders” and made available to the media, NAB CEO Andrew Thorburn said “I want to let you know that, this morning, NSW Police informed us of the execution of a search warrant involving a former supplier of the bank. I attach the Police statement on this matter. There will be media and external commentary on this, and I wanted to inform you of the situation”.
“This matter has been investigated by us, and was reported quickly to Police, and we will continue to fully cooperate with them. The people under investigation no longer work with the bank, or are involved with us,” he said.
According to Mr Thorburn, no customers were impacted by the situation. He declined to comment any further until the police investigation is concluded.
“Our focus must remain on serving our customers with professionalism and integrity,” he said.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
Ask the Experts: Business assets and liability after separation
By Anneka Frayne
Anxiety in the workplace
By Staff Reporter
Managing ‘sleeper issue’ of directors’ GST risks
By Jim Koutsokostas