theBankDoctor turns Whistleblower on NAB

theBankDoctor turns Whistleblower on NAB

Every so often one thing occurs in our lives that challenges us to take a stand. This occurred to me in 2018 when out of the blue I acquired a cellphone name from Roly Newman, a former consumer who I had not seen since my days at Financial institution of New Zealand (BNZ) some thirty years in the past.

Mr Newman who’s now in his eighties, requested if we may meet to debate an essential matter. I had all the time held him in excessive regard so I used to be blissful to take action. What he instructed me disturbed me vastly. Unbeknown to me, Mr Newman and his enterprise accomplice Mr Les Lithgow have suffered a few years of private, skilled and monetary hardship on account of mistreatment by the hands of my former employer BNZ (and its mum or dad NAB) and the CBA and unwittingly I had performed a central function on this.

The origin of this was an enterprise given by BNZ and CBA in 1990 once I was in command of BNZ’s relationship with a troubled ASX media group Professional Picture Studios Ltd (PISL). PISL’s lenders, BNZ and CBA, had misplaced confidence within the firm’s board and have been involved {that a} formal administration would crystalize vital mortgage losses. To keep away from the worst doable final result the banks, after a lot deliberation, proposed a posh rescue package deal however a situation of this was that the board get replaced. The present administrators accepted this and previous to resigning they appointed three new administrators launched by the banks specifically Mr Newman, Mr Lithgow and Mr Clive Little since deceased.

These males have been well-known to the banks and had substantial expertise in company turnaound conditions. Not surprisingly although that they had reservations about taking up these roles and requested for an enterprise that if the banks at any time misplaced confidence in them or the enterprise the banks would speak with them first. My counterpart at CBA and I agreed to this as we thought was a completely comprehensible request.

Previous to me transferring from BNZ to its mum or dad NAB in early 1993, the PISL restoration program was continuing satisfactorily. Just a few months later BNZ and CBA breached this enterprise and blindsided the administrators by appointing receivers to PISL with no discover or prior dialogue. Even when the banks weren’t conscious of the enterprise, the existence of which has by no means been denied, it’s thoughts boggling that no communication took previous to the appointment.

After we reconnected in 2018, I gave Mr Newman consent to ask NAB to substantiate with me the existence of the enterprise. When I didn’t hear from NAB I initiated contact nevertheless after two perfunctory responses from an inner lawyer it was clear to me that NAB had no real interest in listening to from me. I can perceive why after such a very long time the banks would like to not need to revisit this case however time doesn’t absolve wrongdoing and in reality on this case time has considerably exacerbated the results of this wrongdoing.

Not ready to surrender, Mr Newman discovered a journalist, Joyce Moullakis from Information Corp, who was ready to take heed to his story. She then sought me out and requested if I’d be ready to go on public document to corroborate the existence of this enterprise. It offers me no satisfaction to name out misconduct by NAB, the financial institution which gave me the most effective years of my working life however I can not stay silent in gentle of the injustices inflicted upon these males.

Banks, like all of us, must be accountable for our actions. The Royal Fee highlighted systemic buyer misconduct which the banks have acknowledged judging by their repeated undertakings to “do higher”, “pay attention” and “put clients first” and many others. NAB and CBA haven’t accomplished this with Mr Newman and Mr Lithgow, they haven’t even given them the courtesy of a listening to.

This begs the query “have the banks actually realized something from the Royal Fee?”

Joyce Moullakis’s article from right this moment’s “The Australian” is reproduced under


Leave a Comment

Your email address will not be published.