Australia's Westpac Banking Corp offered to refund people who bought new sh...
) offered to refund people who bought new shares weeks before a lawsuit accusing it of millions of breaches of money laundering laws, a move some investors said was to fend off criticism about its transparency.
The scandal has already seen out the bank’s CEO, chairman and head of its compliance committee, and large investors and their proxies have called for more heads to roll at Westpac’s annual general meeting on Dec. 12. “It seems to me like they might be trying to get ahead of a class action,” said Rod Bristow, CEO of Clime Asset Management, which holds Westpac shares and participated in the capital raising.
“I would only be concerned if they had additional information that they were aware of that they should have disclosed to us that they hadn’t, or if they had tried to dress it down or paint it in a light that misrepresents the situation,” he added.
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