Forum Finance over a portfolio of equipment leases with Westpac customers. The potential fraud, described as “sophisticated and externally perpetrated”, is estimated at about $200 million after tax, the statement noted.
Westpac added that the Police, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission (ASIC) have been notified regarding the matter. “This is a complex issue, and we are working at pace to address it, including engaging with the police and regulators,” the bank’s Chief Executive Peter King said. “At this preliminary stage, the potential fraud is sophisticated and appears to have been perpetrated externally,” he added.
The extent of the any financial damage is dependent on the outcome of an investigation, although no customer was exposed to the loss. “At this stage it appears no Westpac customer has suffered a financial loss,” the statement read. Meanwhile, the top bank has obtained search and asset-freezing orders with the aim of preserving available assets and information.
Also on Friday it was revealed that…
