Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Banner Left
Banner Right

Australia executives suspended over banknote probe

Australia executives suspended over banknote probe

SYDNEY – Two executives at a banknote-making firm part-owned by Australia’s central bank have been suspended over a police probe into alleged bribery and kickbacks, officials said.

The managing director and company secretary of Securency, in which the Reserve Bank of Australia (RBA) has a 50 per cent stake, were suspended on Friday pending police inquiries, said board chairman Bob Rankin.’On 23 May 2009, allegations were made in The Age newspaper that payments made to agents by Securency International Pty Ltd may have been used by the agents to pay kickbacks to foreign government officials,’ Rankin said in a statement issued late Friday night.’The Board of Securency took the allegations very seriously and referred them to the Australian Federal Police (AFP),’ he added.’The Board … has asked the managing director and the company secretary to stand aside from their positions while investigations continue.’The RBA issued a brief statement saying it endorsed Securency’s actions.According to The Age report Securency officials paid more than 12 million dollars in kickbacks for a printing contract to a Vietnamese businessman with links to the communist state’s governmentSecurency officials are also accused of paying bribes worth millions of dollars into tax haven bank accounts of a politically-connected Nigerian businessman to win a 2007 contract.Australian law forbids companies from paying foreign officials or government-controlled firms for a business advantage.Rankin, also an assistant governor of the RBA, said police had raided Securency’s offices and the board had also commissioned accounting firm KPMG to conduct an independent audit, which was ongoing.Inquiries to date had revealed similar allegations were made to Securency’s management in 2007 by a member of staff, but an internal investigation ruled no action was required, Rankin said.Management kept the investigation a secret from Securency’s board and also failed to inform the RBA, which Rankin described as ‘unacceptable’.Until the current probe was complete Rankin said the board had ordered the company to suspend its marketing activities while KPMG examined the working relationships of all its agents.Securency developed the technology for polymer plastic bank notes now used in 27 countries around the world including Vietnam.- Nampa-AFP

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News