A judge in the Supreme Court of Victoria has criticised Bankwest over its lending practices in a case where the borrower's guarantees on A$18 million of loans were set aside.
Justice Clyde Croft described Bankwest's execution of the loans as "somewhat disturbing" and found that its processes were at odds with the Code of Banking Practice.
In 2007 Bankwest loaned a total of $18 million to a group of companies whose directors were Naseem Abdul and his wife, Theresa Abdul. The Abdul business activities included nursing homes and childcare centres.
Theresa Abdul gave...
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