Westpac is offering a refund option for pre-scandal buyers of its shares in a move seen to quell discontent regarding the alleged historic breaches of anti-money laundering rules.
The bank will offer the option to those who bought A$500 million ($340 million) of Westpac stock two weeks earlier though no specific reason was named.
«Following discussions with ASIC, Westpac will provide a withdrawal option for [investors] who applied for shares under the Share Purchase Plan prior to the AUSTRAC (Australian Transaction Reports and Analysis Centre) announcement on 20 November 2019,» according to a statement from the.
More Exits Demanded
The scandal has already led to the exits of its CEO Brian Hartzer, chairman Lindsay Maxsted and head of its compliance committee Amanda Wood. The latest announcement is viewed as another move to bring calm but for a more sensitive matter about the timing of the fundraising just weeks after the scandal, allegedly involving child exploiters, broke out.
More demands are already being considered by shareholders and their advisors on the stepping down of additional top dogs at Westpac. Proxy advisor CGI Glass Lewis was the latest to reportedly make such a move, recommending that shareholders vote for board of director member Peter Mariott to leave the bank due to the timing of his tenure, having been on Westpac's board since the scandal began in 2013.
