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Rba Note Case Study

In: Business and Management

Submitted By monarita
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RBA Note Printing Case
Back ground-
NPA prints banknotes for the RBA, Australian passports, and banknotes for a small number of other countries, while Securency manufactures, markets and supplies a range of polymer substrates on which banknotes are printed by NPA and others. In July 2011, the AFP announced that it had charged two subsidiaries of the RBA, NPA and Securency, as well as six former banknote executives, with paying bribes to foreign officials 'in order to win banknote supply contracts. In August 2011, the AFP reported that a seventh individual had been charged. At the time, the RBA wholly owned NPA and owned 50 per cent of Securency.
Facts related to various scandals and governance failings-
The AFP investigation relates to alleged bribes paid to public officials in up to six countries including Indonesia, Malaysia and Vietnam between 1999 and 2005. The allegations are that senior managers from Securency and NPA used international sales agents to bribe foreign public officials to secure bank note contracts. The charges against the individuals relate to subsections and of the Criminal Code Act 1995 which carry a maximum penalty of 10 years’ imprisonment and/or a $1.1 million fine. The case is the first of its kind under Australia's foreign bribery legislation which came into effect in December 1999. AFP investigations were pursued concurrently with related investigations by overseas law enforcement agencies involving cooperation with the UK's Serious Fraud Squad, the Malaysian Anti-Corruption Commission and Attorney-General's Chambers as well as the Indonesian National Police. In October 2011 Securency and NPA pleaded guilty to three charges each of conspiring to bribe foreign public officials and were ordered to pay penalties of $19.8 million and $1.8 million respectively under the Proceeds of Crime Act 2002. On 20 August 2012, Mr David Ellery,…...

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