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ASX rises; Westpac exposed to $200m âpotential fraudâ
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Westpac commences Federal Court proceedings against Forum Finance
Vesna Poljak
Westpac has commenced proceedings in the Federal Court against Forum Finance where Westpac claims it discovered a significant potential fraud with a potential $200 million exposure by the bank.
Westpac chief executive Peter King. Â
Jessica Hromas
Westpac s institutional bank customers were referred to Forum Finance for equipment leasing. No customers suffered loss. Investigations are ongoing and the NSW Police, ASIC and APRA have been notified. An external review and investigation are underway at Westpac to determine the origins of what happened. The nature of the alleged wrongdoing was described by Westpac as sophisticated and perpetrated externally, according to the text of its ASX disclosure.
Tokenisation of assets is on bankers and regulators minds afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Beijing’s financial authority has announced that 40 million yuan ($6.27 million) in digital yuan will be given away to local residents in a “regular test”, in the latest trial that analysts say could reflect political considerations by China’s policymakers to promote the virtual currency, given the trial’s large scale and location in the Chinese capital.
Could Bitcoin mining hinder China’s carbon neutrality goal?
Shan Jie, Li Qiao and Lu Yameng Published: Apr 18, 2021 07:35 PM The global hysteria over Bitcoin has caused concern about the connections between mining cryptocurrency and climate change. As China has become a leading miner in the world, recent research by Chinese scientists was published to remind the cost of mining Bitcoin on China s carbon reduction efforts, while some local governments have acted to tackle the mines in order to reduce the use of power in this fledgling industry.
Bitcoin mining has exploded as the value of the virtual coins has surpassed $60,000 as of press time, and some optimistic investors are expecting it to surpass $100,000 soon.