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Watchdog drops Securency pursuit

Tuesday, 13 March 2012
By Print21
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ASIC has decided to call off its investigation into bribery allegations against Reserve Bank of Australia (RBA) note printing subsidiaries, following a review of material provided by Federal Police.

The corporate watchdog said it would not formally chase Securency International and Note Printing Australia (NPA), and that it “considers a range of factors when deciding to investigate and possibly take enforcement action.

“In line with its normal practice, ASIC has reviewed this material from the AFP for possible directors’ duty breaches of the Corporations Act and has decided not to proceed to a formal investigation," ASIC said in a statement.

The AFP charged the two Australian companies and seven former employees in July over bribes paid to public officials in Indonesia, Malaysia and Vietnam to secure banknote printing contracts between 1999-2005.

The Reserve Bank-owned Note Printing Australia is responsible for running the printing works where Australia’s banknotes are printed. Since the matter came to light the RBA has sought to sell off its 50% stake in Securency, which produces the polymer substrate that Australia’s banknotes are printed on.

ASIC intends to make no further comment on this matter, however the AFP will be continuing with its own investigation.

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