Briefs: Cobley leaves WIB, Westpac banked 'Ponzi' 01 June 2020 6:01AM Banking Day staff Briefs, Westpac, Finance regulation, ASIC Joanne Dawson, named Acting Group Treasurer of Westpac Lyn Cobley, chief executive of Westpac Institutional Bank “is retiring from the bank” after a 32 year career in the industry, Westpac announced on Friday. Cobley’s tenure has seemed shaky given her responsibility as head of WIB for many of the alleged failings by the bank regarding the adequacy of reporting to Austrac on AML matters. Curt Zuber, the Group Treasurer will act as Chief Executive of Westpac Institutional Bank from 1 July, “while an international search is undertaken”. Joanne Dawson, CFO of WIB will act as Group Treasurer during this period. Westpac’s connections with an “unlicensed investment scheme allegedly responsible for $240 million in investor losses” are under scrutiny, as ASIC and courts examine deposits into the personal bank accounts of controversial Perth businessman Chris Marco, the Financial Review reports. The Federal Court last week appointed interim receivers over the assets of Chris Marco, AMS Holdings (WA) Pty Ltd (AMS), and AMS as trustee for the AMS Holdings Trust, entities all based in Perth. The court’s judgment shows that 132 investors deposited around A$240 million into Marco’s personal bank accounts with Westpac, banker to a “pooled” investment scheme that looks a lot like a Ponzi. Robert Kirman and Robert Brauer of McGrathNicol, Perth are the interim receivers.
