Westpac Banking Corp said it was 'shattered' by a money laundering law...
) said it was “shattered” by a money laundering lawsuit over payments it unwittingly facilitated among suspected child exploiters and apologized to all affected as it faced a fire storm of shareholder criticism on Thursday.
Westpac was sued three weeks ago by Australian regulators who cited 23 million breaches of anti-money laundering laws, in the country’s biggest ever such scandal. Westpac has said it accepts most of the regulator’s assertions, and its chief executive and compliance head have quit. “How the hell did this go on for five years? It’s inconceivable someone didn’t have the wit to think something was wrong,” added Schott, who told the meeting he voted for the establishment of AUSTRAC during his time in office.
Under Australian law, if more than a quarter of shareholders vote against a company’s executive pay at back-to-back annual meetings, they may hold another vote at the meeting to remove the whole board. That “board spill” motion requires support from 50%.
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