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ASX rises; Westpac exposed to $200m âpotential fraudâ Save Share Westpac commences Federal Court proceedings against Forum Finance Vesna Poljak Westpac has commenced proceedings in the Federal Court against Forum Finance where Westpac claims it discovered a significant potential fraud with a potential $200 million exposure by the bank. Westpac chief executive Peter King. Â Jessica Hromas Westpac s institutional bank customers were referred to Forum Finance for equipment leasing. No customers suffered loss. Investigations are ongoing and the NSW Police, ASIC and APRA have been notified. An external review and investigation are underway at Westpac to determine the origins of what happened. The nature of the alleged wrongdoing was described by Westpac as sophisticated and perpetrated externally, according to the text of its ASX disclosure. ....
ASX 200 up, Westpac caught in potential fraud, RPMGlobal rises fool.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com.au Daily Mail and Mail on Sunday newspapers.