An open letter to the Chairman, Board and staff of the National Australia Bank, the Turnbull Government and the Palaszczuk Government.
Commencing 1992, the National Australia Bank (nab) obtained additional funds from farmer and government schemes through falsely debited default interest and charges. The bank overpaid another financier and under deducted $500 in monthly interest. The manager incorrectly stated $5,000 was under deducted. The customer was forced to pay, after credit control waived payment.
Then nab charged 3 years default interest, issued certificates of debt and collected payment under the farmer government schemes at the time. Another manager falsified the accounts further, refused to accept the interest subsidy payments and demanded a lesser value. The Queensland Rural Adjustment Authority complied, the bank called the customer unviable, without missing a payment.
These practices went to court, the allegations and evidence were denied by nab representatives, but later admitted by the Bank. At submission 64 of the Impaired Loans Inquiry, the facts show the bank made this customer outside the acceptable loan to valuation ratio (LTV) by refusing his deposits, manipulating account balances and overcharging interest on the false debt.
The customer returned to court unsuccessfully in 2015, alleging false facts and incorrect LTV. Mediation proceeded court in 1998, the LTV in the case was admitted to be incorrect by nab. The accounting could not be heard at mediation and remains unheard.
The Code of Banking Practice allows mediation or arbitration, identified as outside Section 60(2) of the Bankruptcy Act 1966 (Cth) with interpretation at 60(5) and in precedent. This private law is denied by nab, but nab publicly claims court judgments pursuant to the Code are binding.
Minister Warren Truss at COAG in 2005 identified corruption, later supported by a court judgment. The Beattie – Bligh Governments accepted payments to the Smart Queensland campaign from nab of $16m and about $16.25m, simultaneously, from the nab de facto fines account. Truss reportedly denied the same values to Queensland.
The nab Queensland chief counsel stated the bank “will never settle with the farmer” indicating nab, may intend to rely on incorrect facts in any claims.
Any ex-farmers or small business persons in similar or past situations with any financier, please advise your circumstances to Lynton Freeman by email at lncfconsulting@gmail.com, or by mail at P.O. Box 1476, Gladstone, 4680.
You can see more articles by Lynton Freeman on Independent Australia HERE.
**** THIS IS A SPONSORED ARTICLE ****
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Australia License
Monthly Donation
Single Donation
Subscribe to Independent Australia.
