RBA Defends Stevens on Corruption Allegations

By TraderVox.com

Tradervox.com (Dublin) – Glenn Stevens is facing allegations that he misled the parliament about his knowledge of corruption deals involving Note Printing Australia Ltd staffs who are alleged to have bribed international officials to win currency printing contracts. In a statement to the press, the Reserve Bank of Australia has denied any wrongdoing from its Governor Glenn Stevens. The news was given by the Australian Broadcasting Corp. today. Glenn is accused of misleading the parliamentary panel when he testified before it last year where he claimed that RBA officials were unaware of these allegations prior to media reports in 2009.

The central bank had emailed a statement stating that neither the governor nor its officers have misled the parliamentary panel. It further noted that Note Printing Australia Ltd had responded appropriately to address the concerns of corruption raised against its officials. Some of the officials who have been accused of corruption are the former managers and employees of Note Printing and Securency International Pty, which is partly owned by the central bank. The officials have been accused of bribing foreign officials in Malaysia, Vietnam, and Indonesia between the years 1999 and 2004 to get bank-note printing contracts. The resurgence of this matter has led Adam Bandt to call for public inquiry into this matter. Glenn Stevens will appear before a Parliamentary Panel on August 24 for his semi-annual testimony; he has been the banks governor since 2006.

In his call for a public inquiry, Adam bandt, said that complete confidence is needed in the highest governing authority in RBA. He added that the scandal has touched key financial institution in the country as well as other arms of government. The Note Printing Australia is led by a board of directors that are appointed by the Reserve Bank of Australia while Securency has three members who are chosen by the RBA. After the scandal emerged in 2009, the RBA replaced its members in the two boards in order to allow for investigation. The RBA has expressed interest to contact then-Deputy Governor of NPA Ric Battellino for any comments.

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