NAB ‘co-operating’ with probe into alleged fraud

NAB says it is co-operating with police over an alleged fraud on the bank by a former employee and a former supplier.

NAB says there were “control failings and breaches of policy” in the office of CEO Andrew Thorburn, which had been resolved.

National Australia Bank says it is co-operating with police over an alleged fraud on the bank by a former employee and former supplier.

The bank issued a statement today following a Fairfax report that chief executive Andrew Thorburn took a luxury Fiji holiday and received a Thermomix kitchen appliance, arranged through a company that was under police investigation over allegations it had bribed his chief of staff to win NAB contracts.

The Fairfax report said there was no suggestion of any wrongdoing by Mr Thorburn.

“The alleged fraud was reported by a whistleblower,” today’s statement said.

“NAB responded and acted immediately on Andrew Thorburn’s direction, investigated matters and reported them to police.

“If the alleged fraud is proven, it represents a most serious breach of trust by a former employee.”

In its annual report today, NAB said “certain matters” into an alleged fraud on the bank by a former employee and a supplier to NAB had been investigated and resolved to the board’s satisfaction.

“These included certain control failings and breaches of policy in the Office of the CEO, and a small number of unintended breaches of policy by the group CEO,” the annual report said.

“These matters have been resolved and closed to the board’s satisfaction.

“We continue to co-operate fully with police, who have asked us to provide no further comment on the alleged fraud and the investigation,” the statement said.