Latest news with #NAB
Express Tribune
12 hours ago
- Business
- Express Tribune
Accountability eludes RDA probe
The fact-finding inquiry initiated by the Punjab Chief Secretary into the Rawalpindi Development Authority (RDA) financial scandal has entered its concluding phase, but without accountability in the loop. Written testimonies from six employees of the RDA Finance Directorate, along with two retired officers, have been submitted. A pivotal hearing is scheduled for July 31 in Lahore, after which the final inquiry report — complete with recommendations — will be submitted to the CS. Sources told The Express Tribune that a female member of the inquiry committee recorded statements from the summoned officials on Tuesday regarding the alleged embezzlement involving the transfer of Rs1.94 billion from an official RDA account. Simultaneously, a separate departmental probe committee — formed to investigate transfers via Certificates of Deposit (CDRs) from another RDA bank account — has failed to meet its seven-day reporting deadline. Notably, despite the National Accountability Bureau (NAB) having questioned all summoned individuals in connection with the scandal, no investigation has yet been conducted involving any Directors General or Directors of Administration and Finance who held office during the five-year span in which the alleged misappropriations occurred. To date, only two retired officers — former Director of Admin and Finance Asif Mehmood Janjua, and former Assistant Director Khawaja Arshad Javed — have been officially questioned. It's essential to note that within the RDA, only two positionsthe Director General and the Director of Administration and Finance — are vested with the authority to approve financial transactions. Over two months have passed since the scandal surfaced in mid-May, revealing that Rs1.94b in public funds had been transferred via CDRs to various companies, firms, and individuals. Despite the gravity of the matter, no responsible parties have been identified, nor has any portion of the misappropriated amount been recovered. Parallel investigations are ongoing by NAB, the chief secretary's fact-finding committee, and the departmental probe team formed by the RDA Director General. However, none have produced definitive findings. The departmental committee, specifically tasked with determining whether RDA's financial securities were transferred between internal accounts, has yet to deliver its overdue report. Last month, the RDA administration begun implementing key reforms to restore financial discipline. As an initial step, the implementation of an irregular promotion was halted, and a revised framework for financial authority was introduced. Under the new structure, the director finance and deputy director finance had been jointly authorised to approve financial transactions up to Rs0.5 million. According to sources, the reforms came in response to investigations by the NAB, the Punjab Anti-Corruption Establishment, and the fact-finding committee set up by the chief secretary. The scandal involved the unauthorised transfer of Rs1.94 billion in public funds to various companies and individuals through Call Deposit Receipts (CDRs).
Express Tribune
12 hours ago
- Business
- Express Tribune
35 objections filed in Kohistan scam
In connection with the infamous Kohistan financial scandal, as many as 35 objections have been filed in the Peshawar Accountability Court against the freezing of assets belonging to various accused individuals. According to NAB sources, the bureau has issued 20 freezing orders so far, targeting both movable and immovable properties of the suspects following court directives. NAB reports that several individuals have lodged formal objections with the accountability courts, challenging the legitimacy of the asset freezing orders. The petitioners have raised multiple concerns and requested that the frozen assets be defrozen. All 35 objections are currently under review in four special accountability courts in Peshawar. The Upper Kohistan scandal investigation remains ongoing. So far, eight individuals have been arrested, with seven having been sent to jail on judicial remand after completion of initial investigations. One suspect, Fazal Rahim, remains in NAB custody under physical remand for further questioning. The Kohistan scandal allegedly involves the embezzlement of over Rs40 billion from the national exchequer under the guise of development projects.
Yahoo
a day ago
- Business
- Yahoo
Major bank's 'deliberate' $55 million move as Australians rage over cashless shift
NAB is making a 'deliberate' investment in its bank branch network, pouring $55 million into upgrading nearly 150 branches. The move comes as banks increasingly move to shut their branches as Aussies choose to do the majority of their banking online and switch to cashless transactions. The Big Four bank has upgraded 100 branches across Australia since October last year, with 82 of these branches located in regional Australia. The bank said the upgrades were 'just the beginning', with 47 additional branch upgrades due by October. NAB retail executive Paul Carter said the investment was a 'deliberate move to restore belief in the value of retail banking'. RELATED Bendigo Bank customers fight against branch closure amid cashless revolution Centrelink pension warning for 4.3 million Aussies facing super nightmare Australia's 'ancient enemy' returns sparking major Centrelink warning 'We're not just giving our branches a facelift – we're investing in the people and places that make NAB what it is,' he said. 'These upgrades are about making banking easier, more personal, and more connected to the communities we serve. 'We see branches as community anchors, and we know that when it comes to major financial decisions, many people still want to sit down and talk to someone they trust.' Greensborough in Melbourne's north-east is among the branches to be upgraded with a new layout, improved accessibility and spaces for customer conversations. Branch manager Tawfick Abdel-Khalik said the bank had been in the community for more than 50 years and the refresh was aimed at showing that it planned to stay 'for the long haul'. 'When customers walk in and see the effort we've made, it sends a clear message: NAB is committed to this community and to providing the best service we can,' he said. The move comes after NAB introduced Saturday trading in November and increased the number of branches offering it to 29 in numbers drop across the country Australia lost 230 bank branches across the country in the 2024 financial year, according to the latest APRA data. That brought the total number of branches closed to 1,615 over the last five years. The Big Four banks closed 190 branches among them, with ANZ, NAB and Westpac branches dropping 11 per cent. Commonwealth Bank, who has come under fire for axing dozens of call centre roles in favour of AI, saw its branches fall by a smaller 4 per cent during the year. The federal government struck a deal with the major banks in February this year to keep their regional branches open until at least mid-2027. But not every bank has agreed to the moratorium, with Bendigo Bank recently confirming it would shut 10 branches from August due to "evolving customer preferences, a reduction in business activity and an increase in costs". This will leave some regional communities, like Queenstown in Tasmania, with no bank at all. Resident Janet Lay told Yahoo Finance she was "absolutely furious" when she found out about the Queenstown closure and said it meant locals would have to drive two hours to their nearest branch. Lay said she, like many others in the community, preferred to do banking in person and still transacts predominantly with cash. "[There's] a lot of frustration in the community. A lot of upset people, a lot of anxiety about how they're going to manage their banking moving forward. So it's not just a financial impact, it's the personal wellbeing of community members and businesses," she said. Aussies switch to digital banking and cashless transactions The Australian Banking Association found 99.3 per cent of customer bank interactions now occurred via digital channels, with bank branch interactions dropping 51 per cent since 2019. Cash withdrawals have dropped 9 per cent every year since 2019, with mobile wallet transactions surpassing ATM withdrawals more than 10 times by volume. ABA CEO Anna Bligh said the country was undergoing a 'massive transformation' in how people banked. 'More and more Australians are jumping online to do their banking. Digital options are reshaping how people interact with their bank and manage their finances,' she said. Despite this, she noted banks had more than 3,300 physical branches available across Australia and would continue to support access to cash for Aussies who wanted to use in to access your portfolio
New Straits Times
2 days ago
- Business
- New Straits Times
Govt study looks into raising retirement age to 65
KUALA LUMPUR: A feasibility study on raising the mandatory retirement age for public service to 65 years by 2035 is being initiated to lay a strong foundation in addressing Malaysia's ageing population. Deputy Economy Minister Datuk Hanifah Hajar Taib said this is among 11 high-impact intervention measures across ministries and agencies currently being implemented under the National Ageing Blueprint (NAB) 2025–2045. "The NAB was presented at the National Economic Action Council Meeting on Feb 12. Following the meeting, it was agreed that 11 high-impact intervention measures across ministries and agencies would be implemented immediately to establish a strong foundation in addressing population ageing. "The implementation of strategies and initiatives outlined in the NAB will help the country increase the number of skilled caregivers in the care sector and the labour force participation rate of individuals aged between 60 and 65 in the local job market by 2030," she said in the Dewan Rakyat today. She was responding to a question from Tan Kok Wai (PH-Cheras) regarding policy improvements and interventions being formulated to ensure that an ageing population is not a challenge but instead a catalyst for economic growth and social progress. Hanifah said another intervention is to encourage older individuals to rejoin the workforce for up to five years after reaching the minimum retirement age. She said the government would also enhance career mobility to improve the employability of the local workforce, introduce legislative controls to ensure the production of safe and high-quality food products, and improve access to domiciliary and palliative care services within communities. "(This includes) the creation of a sustainable long-term care ecosystem through the introduction of comprehensive legislation and governance, developing talent and skills in the care sector through training and recognised standardised certification, including for informal caregivers and volunteers, and reforming the social protection system to be more inclusive in meeting future challenges," she said. The NAB aims to provide strategies and initiatives to prepare Malaysia for the impacts of becoming an ageing nation by 2043. It encompasses policy planning, frameworks, and action plans in areas such as the economy, employment, education, social protection, health, and long-term care.
Telegraph
2 days ago
- Business
- Telegraph
How Australia's liquid lunch became a ‘sombre affair'
When Phil Chronican, the chairman of Australia's second-largest bank, held a lunch with investors last month, he probably expected be asked the usual questions about National Australia Bank's interest margins or capital ratios. But one query came straight out of left-field. According to accounts from inside the room, at least one fund manager asked Chronican whether the board was planning to tackle the chief executive, Andrew Irvine, about drinking alcohol at client events. After news of the exchange leaked out, an NAB spokesman said the board backed Irvine and 'the leadership team are delivering sound financial and operational results'. The chief himself later said he 'very rarely' went to lunch with the bank's customers, but engaging with them 'helps me understand their business and helps them understand how we are supporting them – and they often give us their business as a result'. Still, the media coverage has kicked off a round of soul-searching in the executive suites and boardrooms of corporate Australia. Executives asked each other how much, if even at all, they should be boozing in or around the office. The controversy underlined how much things have changed in Australia, whose population long enjoyed a reputation as thirsty and enthusiastic consumers of wine and beer. The image of the lager-loving larrikin was embedded into the British consciousness by the likes of Crocodile Dundee star Paul Hogan and his jocular 1980s TV adverts for Foster's. One of the few facts almost every Briton knows about Australian politics is that one of the country's prime ministers, Bob Hawke, set the world record for the fastest guzzle of a yard of ale. As recently as 2021, Australia still ranked fourth for alcohol consumption among a sample of the 38 rich countries of the OECD – quaffing 10.7 litres per person per year, compared with Britain's 10 litres. But attitudes are changing fast. Liquid lunches and messy after-work drinks are now the exception rather than the norm. 'There is no question that the days of the long lunches, the boozy lunches in Australia are gone. If they happen, it's a rarity,' says Richard Basil-Jones, chief executive of the Australia-UK Chamber of Commerce. He has been in Britain about two years, and he's noticed a difference between his home town of Sydney and his adopted city of London, with its multitude of inviting pubs. 'In Sydney I'd probably have done my meetings with a coffee in the morning, or a breakfast. Maybe it would've been a lunch, but it certainly wouldn't have been a long, boozy one,' he says. 'But the one big difference in London is that here people say, 'Oh, how about we catch up after work for a pint?'' It is a trend which has accelerated owing to the growing number of younger Australians choosing to abstain. At the turn of the century, the proportion of Australians aged 18 to 24 who said they never drank was just under 10pc, a figure which has surged to almost 25pc since. 'If you look at the whole culture within Australia, we've just seen such a significant shift. There has been a fundamental change in the way people approach alcohol, and in examining the relationship with alcohol,' says Simon Strahan, chief executive of the charity DrinkWise. Staying sharp A big part of this shift is attributed to the Covid pandemic, when people socialised less and became more focused on their physical and mental health. This has survived the return to the office, and has now rippled out into the bar and restaurant trade. Jeremy Courmadias was until recently the chief executive of Fink Group, owner of some of Sydney's most A-list business lunch spots including Bennelong, which is located in the city's Opera House. Having spent more than two decades in the business, he has seen the shift first-hand. He says companies have tried to take more control of business wining and dining, both to contain the cost and to keep it private. 'If they're [companies] entertaining clients, they've got catering and dining facilities of their own. So we don't necessarily see as much at restaurants as we used to,' says Courmadias. When office groups do hit a restaurant, things seldom get as raucous as they used to. 'At the end of the week, people might still let go a little bit,' he says. 'But at dinners early on in the week, the big corporate events that you'd be doing, they would probably be a little bit more of a sombre affair.' At lunchtimes, tighter budgets and a more abstemious culture mean fewer people are ordering wine by the bottle. 'They don't want to drink because they want to stay sharp,' Courmadias adds. 'They're just not as interested in drinking as much as they can before getting back to the office.' In the run-up to Australia's recent election, Peter Dutton, the conservative opposition leader, proposed a new tax break for business lunching in order to give the hospitality trade a boost. But it gained little traction among voters focused on the cost of living, who frowned at the idea of businesses getting a tax break to wine and dine on the corporate card. Even when diners are opting to drink less during business lunches, they will still often opt for the best glass of wine available. To make that work, restaurants have embraced the Coravin – which uses a needle to extract wine without taking the cork out. 'You can pour a glass of wine from a very expensive bottle without soiling the whole bottle,' says Courmadias. 'And that bottle could last three or four weeks, so you don't need to write the bottle off in the process – and you can actually offer more at that premium end of the market.' Restaurants are also investing more in non-alcoholic drinks – such mocktails, sodas and spritzes – which require bar staff to be just as creative as if they were designing a cocktail. That is mirrored in beer sales, with almost one-third of beer sold in Australia now zero-alcohol or low- to mid-strength. 'To meet the market where it is, Australian brewers have been innovating and diversifying our product offerings for many years,' says Amanda Watson, chief executive of the Australian Brewers Association. DrinkWise's Strahan says it's now standard practice for companies to provide zero- or low-alcohol beers at functions and events, compared to 15 years ago when the only non-alcoholic version would be water. 'Most people who are choosing to have a drink are doing so in moderation, and the workplace is looking at that and saying, 'Well, that's something that we can facilitate',' he says. But he acknowledges that 'there is still a proportion of people who will look at workplace events as a chance to potentially cut loose'. However, a DrinkWise survey suggests only a quarter of Australians now choose to do so in their workplace or at work events. And almost two thirds say they don't feel self-conscious about sticking to zero- or low-alcohol drinks when others in their group are boozing. 'That sort of number really does indicate that there's a distinct cultural shift,' Strahan says.
