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.
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ASX falls; ex-div property stocks tank
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UBS increases Afterpay price target
Alex Gluyas
UBS’ historically bearish view on Afterpay has been lifted slightly, with the broker increasing its price target on the buy now, pay later giant after its launch of one-time cards which the broker said evolves its revenue model.
“The launch of one-time use cards that can be used at non-integrated merchants such as Amazon, significantly increases Afterpay’s total addressable market,” UBS analyst Tom Beadle said.
More significantly, Mr Beadle pointed to the fact that this represents an evolution to Afterpay’s revenue model from merchant fees to “affiliate marketing”.
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