Wednesday, 18 May 2016
The Australian bad bank reports flow like an never-ending stream …..
The Sydney Morning Herald, 7 May 2016:
The chair of the powerful Senate economics references committee has lashed the Commonwealth Bank its "unacceptable" lack of attendance at a Senate inquiry into wrongdoing within its insurance arm CommInsure and has accused the bank of bullying.
The rebuke comes as lawyers for CommInsure's former chief medical officer turned whistleblower Dr Benjamin Koh revealed they had lodged a formal request with the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission to "explore prosecution of certain employees of the bank for their victimisation of Dr Koh".
Under section 156C of the Life Insurance Act, 1995, victimisation of a whistleblower can carry a prison sentence of up to six months.