Police arrest woman accused of nab fraud, page-23

Lots of press out today in NSW papers detailing this fraud - yes nab is a victim but I still think there are serious questions about the previous two CEOs and the banks attitudes - of course new chairman and new ceo to come so will be swept away with the course of time -

What I found astounding was

Executive assistant - ok chief of staff title in ceo office on 700,000 salary - are you kidding me - that is an outrageous ridiculous salary for essentially and executive assistant with a bs title —- she wasn’t the head of hr

She was apparently called in for questioning about the entire scam- allowed to resign and then handed 185000 as a payout - doesn’t say much for hr department - oh we think you have scammed us, but here is a six figure payout - so may questions about hr and legal department I would of thought

Ok - so police say no one else at nab involved

But what kind of public comps y has this sort of offsite meetings budget anyway for executives - seems like it’s the 1980’s

How was it that no one within the office of the ceo or any of the executives think the tens of millions for offsite meetings spent was in anyway reasonable? sure some will say they never saw the costs of these obvious extravaganzas but surely someone in internal audit saw the tally or the external auditors- had to put millions on some expense line

How is it that multi million dollar invoices were only required to be signed off by one person - even worse by the same person organising the contractor - was internal audit asleep?

Hr- no one think an executive assistant/ head of staff lol being paid 700 plus k was unusual - ceo of abc fired was on same money- partners in some big 4 firms even law firms don’t make that much- yet here is one individual grossly overpaid for years and no one says a word - paid more than some gm’s in the banks or executive gms for that matter

Finally I find it amazing that last ceo was paid 1 m cash to exit- I hope there are claw backs or the asic/ apra clawbacks are tested

If this sort of crap is happening within the CEO’s office of one major public company it’s probably happening in a few of them—— if someone can get in there - hopefully expenses will
Drop significantly in many companies - nab will / should see a boost as it seems to have been wasting mega money just on offsite meetings for many many many years

Anyhooooo- new management is coming and potential to make profits just by stopping the excessive waste it appear

Let hope shareholders recover the money from previous executive who should have quickly and easily seem imo that something was horribly wrong when they were given a p and l to sign off on.

Seems to me there was not even the most basic of reasonable procedures in place which would have avoided such a simple scam

Let’s hope new management makes some
Serious changes