WHILE senior officials of National Australia Bank last year faced a grilling in the Financial Services Royal Commission, the banks’ board knew of NAB behaviour alleged to have contributed to multi-million dollars losses to 600 Queensland small businesses.
Complaints of the bank’s behaviour highlighted in an explosive document had been prepared by a Brisbane property developer whose cumulative losses for shoddy work on a unit complex now total $6 million.
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The document was sent to the NAB board on behalf of the Subcontractors Alliance - a lobby group formed after the October 2013 liquidation of Walton Construction Queensland.
It alleged that NAB, through 2013 and into 2014, breached the Queensland Criminal Code and the Banking Code of Practice to dishonestly divert more than $18 million owed to 600 Queensland subcontractors engaged by WCQ to unjustly enrich the bank.
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