Business Services Industry
ASIC in probe on NAB payout.
Australasian Business Intelligence, August, 2002
Aug 16, 2002 (The Courier-Mail
ABIX via COMTEX) -- National Australia Bank (NAB) may still be in trouble despite a significant payout to investors. The bank was forced to pay $A60 million in compensation to more than 200,000 investors in some of its managed funds. The matter has been under investigation by the Australian Securities and Investments Commission, which may widen its enquiries to include any other breaches of compliance regulations. The compensation relates to a decision by NAB in May 2001 to close off several of its older funds. The bank's subsidiary, MLC, admitted that it failed to provide affected investors with crucial information related to the value of their investments. NAB shares closed $A0.61 lower on 16 August 2002 at $A34.34.
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