A JOINT fraud complaint to Queensland Police has alleged that one of Australia’s top four banks exposed 600 small businesses to $30 million in losses to allow it to recover more than $18 million it was owed by a failing builder.
The complaint by two Sunshine Coast small business men, which is supported by NAB and Walton Construction Queensland records, alleged the bank not only knew by at least mid-2012 the company was in trouble but actively engaged in propping it up so it could recover its money.
It described the bank’s motive as being that the Walton Group (including WCQ) was insolvent; NAB’s wish to exit their relationship with the Walton Construction Group and recover a $22.5million debt; Walton Construction (Qld) w…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/exclusive-subbies-fraud-claim-names-bank/3515839/