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BFCSA: After Malaysian election, another royal commission beckons for ANZ

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After Malaysian election, another royal commission beckons for ANZ

Australian Financial Review May 14 2018 10:00 PM

Myriam Robin


While the cause of much jubilation in Malaysia, we doubt the election of Mahathir Mohamad last week was treated as good news at ANZ. If the new government follows through on election promises, and there's no reason to think it won't, it will likely drag ANZ's top brass to face yet another royal commission. And we thought Hayne's was plenty to be going on with!

Between 2011 and 2013, $US4 billion disappeared from the sovereign wealth fund 1MDB, and turned up in "investments" ranging from the movie that made Jordan Belfort the poster boy for trading floors everywhere to a $300 million, 90-metre superyacht. With the scandal still causing outrage, and probes having been quashed by the old government, the Pakatan Harapan coalition ran on a policy of enacting a royal commission into the scandal. Any investigation would most likely draw in ANZ, which has a 25 per cent stake in AmBank, which operated the personal bank accounts of deposed prime minister Najib Razak to which it is alleged $1.4 million was siphoned from 1MDB. Najib is now effectively, but not technically, under house arrest.

Unfortunately for ANZ, its involvement in the scandal, while indirect, does go to the top. Between June 2013 and October 2015, ANZ's now-CEO Shayne Elliot was a director of AmBank. In November last year, SBS reported that between September and November 2014 the AmBank board, which had three ANZ representatives at the time, was briefed on the large transactions going into Najib's account, though was not aware of their source (Najib claims they were Saudi donations). AmBank also employed many ANZ staff on secondment, though as Elliott has previously told an Australian parliamentary committee, while working at AmBank, ANZ employees did not report back to ANZ and were only responsible to the AmBank board.

ANZ is already facing a class action launched by former Malaysian legal minister Zaid Ibrahim in Australia's courts. Needless to say, ANZ doesn't appear happy with its AmBank investment and has previously tried to sell it.


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