What’s The Link Between Accused Company Director And National Australia Bank?

National Australia Bank Limited

The director of event management Group, Helen Rosamond, has been arrested for being involved in the corporate fraud scandal for $40 million against National Australia Bank Limited (ASX: NAB). The news surfaced the internet early this morning after the NSW police arrested the accused from her Potts Point home in Sydney.

Ms Helen Rosamond is the owner and director of the event management company, Human Group, which has been the former supplier of NAB. It took almost a year for the investigators to dig deep inside the case and reveal that Helen Rosamond has paid the corrupt commission of millions of dollars to secure contracts from Australia’s one of the big four banks, NAB.

Strike Force Napthali detectives have alleged Ms Helen Rosamond for over 56 bribery charges and sophisticated frauds including the payment of big-fat bribes to bank’s executives in order to get the bloated invoices approved.

Ms Rosamond’s jiggery-pokery has explained about her obsession with lavish lifestyle along with taking extravagant trips around the world. The mind involved and the scale of fraud has been described as something never been seen earlier by the top officials, told the leading media house.

The investigators believe that these fraudulent activities have a dire connection to the kickback scandal that ran out of the office of NAB’s recently departed chief executive Andrew Thorburn. This inquiry which begun on the reference of whistleblower a year back can now be seen taking deep dive in divulging the link between the accused Helen Rosamond and Andrew Thorburn.

As per the NAB’s official Director Interest Notice dated 1 March 2019, Andrew Gregory Thorburn has been ceased to be the director of National Australia Bank with effect from 28 February 2019. It included the Director’s interest in 320,929 shares of NAB that were held by Andrew Thorburn and its associate company.

Late in the evening, Ms Rosamond was appeared getting bail in the video link of Sydney’s Central Court. It has been heard that Magistrate has granted bail to Ms Rosamond under strict terms and conditions including daily reporting to police, surrender of her passport, and posting a definite amount of surety.

Tracking back, it can be observed that NAB has been in the relationship with Rosamond-owned event management company, Human Group, for more than 12 years including millions of dollars of contract services.

But on the back of Bank’s robust fundamentals and the complete cooperation the Bank has shown in the ongoing investigation, the investors have favored NAB on the Australian Securities Exchange. It translates the NAB’s stock price resting in the green zone with a positive intra-day price change of 0.04% to close at $25.140 on 1 March 2019.

NAB last traded at a Price to Earnings multiple of 12.480 x with a market capitalisation of $69.8 billion. Over the past 12 months, NAB’s stock price has fallen by 16.73% despite a favourable momentum of marginal 0.88% over the past three months.

Also Read: Will NAB Surprise the investors with a Dividend Cut?


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