Corp-Ethics Home
Log In | Register New User
Home Company Search Related Articles Forum (new!)

Company National Australia Bank [Company Info]
  Track this Company (an email will be sent to you everytime a report is filed about this company)

Date Issue Title
6th May 2004 Questionable Practice NAB rebel head quits amid scandal

National Australia Bank director, Catherine Walter, has decided to quit in the aftermath of a trading scandal after originally refusing to step down.

"I have tried to stand up for what I believe is in the long term interests of the bank," she said in a statement.

Ms Walter claimed she was made a scapegoat for 252m Australian dollars (104m; $188m) in losses on unauthorised foreign exchange trades.

The affair has already cost the jobs of senior executives at the bank.

Ms Walter had initially said she would only step down if the rest of the board followed suit.

The row has proved embarrassing for NAB's new management team, who had hoped to draw a line under the rogue-trading controversy.

Three top managers and five traders have been removed, after recommendations in a report from consultants PricewaterhouseCoopers(PwC).

Ms Walter was deposed from the audit committee after the PwC report, but had argued that agreeing to go meekly would be a tacit admission of guilt.

Financial regulators identified a fault in the culture of NAB, which it argued was pursuing profit at the expense of ethical checks and balances.

Institutional investors have trodden carefully around the affair; as the country's biggest bank NAB wields considerable influence in financial circles.

Other Reports on National Australia Bank
Date Issue Company Report
6th Apr 2006 Fraud Investigation National Australia Bank Second trader gets jail term
10th Nov 2004 Questionable Practice National Australia Bank NAB profits tumble after scandal

Related Reports from the Banking Industry
Company Issue Report
Abbey Questionable Practice Abbey landed with $1.4 m fine
Bank of America Fraud Investigation Parmalat auditors to stand trial
Bank of New York Fraud Investigation New York bank settles fraud case
BAWAG Fraud Investigation Watchdog probes BAWAG's loan to Refco boss
Bank of Italy Other Issue EU starts action on Bank of Italy
Contact Us | Terms of Service | Privacy Policy | Add Report | Links
© 2006 | Corporate Ethics