) offered to refund investors who bought new shares weeks before a bombshell lawsuit accusing it of millions of breaches of money laundering laws, a rare step to fend off criticism about its transparency.
The scandal has already seen out the bank’s CEO, chairman and head of its compliance committee, and large investors and their proxies have called for more heads to roll at Westpac’s annual general meeting on Dec. 12. “It seems to me like they might be trying to get ahead of a class action,” said Rod Bristow, CEO of Clime Asset Management, which holds Westpac shares and participated in the capital raising.
“I would only be concerned if they had additional information that they were aware of that they should have disclosed to us that they hadn’t, or if they had tried to dress it down or paint it in a light that misrepresents the situation,” he added.
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