Trading scandal deepens for NAB
The Australian Securities and Investments Commission has joined four other organisations scrutinising National Australia Bank's rogue trading incident. ASIC launched a formal inquiry yesterday into possible breaches of the Corporations Act by the four suspended NAB traders involved in a series of disastrous foreign exchange options deals. The move gives ASIC the power to seize documents and interview employees at the bank. The scandal is already being investigated by NAB itself, NAB-appointed PricewaterhouseCoopers, the Australian Prudential Regulation Authority and the Australian Federal Police. ASIC will most likely focus on sections of the Act which requires directors and employees to act in the “best interests” of their companies.