Is NAB above the Law?

{Published 28 October 2014}

  PR 28 Oct 14

The Chairman of ASIC, Mr Greg Medcraft, recently made the statement that “Australia was a ’Paradise’ for white-collar criminals” – a statement he was forced to later retract by the Assistant Treasurer, Senator the Hon Mathias Cormann.

Fairfax Media reporter, Michael West, published an article on 27 October 2014 titled “Planning scandal response shows banks are above law”

The Chairman of the National Australia Bank (NAB), Mr Michael Chaney AO, and other NAB Board Members have been recently provided with copies of genuine Deeds of an occupational pension fund established in South Australia on 23 December 1913 {Refer below}. This fund was once known as The Provident Fund.

The genuine Deeds have until recently been criminally concealed from the members and beneficiaries of this fund by a Victorian resident purported “Trustee” and were only obtained with the assistance of the Deputy Premier and Attorney-General of South Australia, the Hon John Rau MP, and the Attorney-General’s Department.

Another purported Deed of Variation has been attested by a well known white-collar criminal, Mr Ken Jarrett, who served a term of imprisonment of dishonesty following a major investigation by the former National Crime Authority (NCA).

A Trustee as a “fiduciary” must act honestly and in the best interests of the beneficiaries of the trust.

A professional Trustee who is paid for the Trustee’s stewardship of the trust has a higher standard of a duty of care than an unpaid natural person Trustee.

Any prudent Trustee when confronted with such a purported Deed would seek judicial advice to protect the welfare of the beneficiaries of the trust and to comply with the Trustee’s duty of care.

So the question for the Chairman and the NAB Board is:

“Will the Chairman and the NAB Board ensure that the “NAB Trustee” seeks judicial advice on the construction of the terms of a trust established in 1913 and advice on whether widows of qualifying male officers should be denied a survivorship pension based on a document attest by a well known white-collar criminal?”

 

The response of the Chairman and the NAB Board will help confirm both of the following propositions:

– The National Australia Bank, like the other “Big Banks”, is above the law, and – Australia is a ‘Paradise’ for white-collar criminals, even those with prior convictions.