Reserve Bank of Australia (RBA) today announced that it was selling its half-stake in banknote-manufacturer Securency, which is at the centre of an international corruption investigation. The Reserve Bank of Australia said it decided on the move after joint venture partner Innovia Films also decided to sell its stake. According to the media reports, Macquarie Capital Advisers had been appointed by RBA as a advisers for both parties.
"It has concluded that... the best option would be to pursue a joint sale with Innovia," the bank said in a statement.
Securency managing director and company secretary were suspended last November as Australian police probed alleged bribery and kickbacks which reports say amounted to several million dollars.
Last month, a series of raids in Britain, Spain, Australia and Malaysia netted five suspects. The company designs and produces plastic-style polymer banknotes known for their durability and for being hard to counterfeit, which have been issued in more than 30 countries around the world, according to its website. Securency is embroiled in a long-running investigation over claims its agents offered bribes to officials in countries including Indonesia, Vietnam, Malaysia and Nigeria to win contracts, according to media reports.
Australian Trade Commission (Austrade) and Securency worked closely in several countries where corrupt dealings are alleged to have occurred. So far, the investigation of the case involved Australian Federal Police, The UK Serious Fraud Office and Malaysia Anti Corruption Commision.
Source: AFP.
Securency managing director and company secretary were suspended last November as Australian police probed alleged bribery and kickbacks which reports say amounted to several million dollars.
Last month, a series of raids in Britain, Spain, Australia and Malaysia netted five suspects. The company designs and produces plastic-style polymer banknotes known for their durability and for being hard to counterfeit, which have been issued in more than 30 countries around the world, according to its website. Securency is embroiled in a long-running investigation over claims its agents offered bribes to officials in countries including Indonesia, Vietnam, Malaysia and Nigeria to win contracts, according to media reports.
Australian Trade Commission (Austrade) and Securency worked closely in several countries where corrupt dealings are alleged to have occurred. So far, the investigation of the case involved Australian Federal Police, The UK Serious Fraud Office and Malaysia Anti Corruption Commision.
Source: AFP.
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