Oil spill hits Australia’s Sunshine coastline

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Oil spill hits Australia’s Sunshine coastline

Sunday, March 15, 2009

200,000 litres of oil leaked into waters off the coast of Brisbane from the Pacific Adventurer when their fuel tanks were damaged in rough seas on Wednesday. The figure is about ten times higher than the original estimate of twenty thousand litres of oil. The devastating diesel oil spill has spread along 60 kilometres (37 miles) of the Queensland coast. In addition, 31 containers with 620 tonnes of ammonium nitrate fertiliser flew overboard during the violent storm.

Questions are being asked why the Hong Kong cargo ship was out in seas with nine meter waves caused by Cyclone Hamish, a Category 5 tropical cyclone, as well as why the fertiliser containers were not properly secured. One of the overboard containers ruptured the hull of the Pacific Adventurer, causing between 30 to 100 tonnes of oil to spew from the severely damaged ship.

If the ammonium nitrate mixes with the heavy oil, an explosion could occur. None of the containers have been recovered. Some of these may float, but it is believed that they may have sunk which then may cause algal blooms.

Disaster zones have been declared at Bribie and Moreton Islands, and along the Sunshine coast.

The vessel’s owner, Swire Shipping, reported that a second leak began on Friday, when the ship began listing after docking at Hamilton for repairs. “As full soundings of the vessel’s tanks were being taken at the port to determine how much oil had leaked from the vessel, a small quantity of fuel oil escaped from the Pacific Adventurer,” it stated. The ship was brought upright, and a recovery vessel was used to suck up the oil from the water. The leak produced a 500m-long oil slick down the Brisbane River. Booms were placed around this oil spill so that a skimmer could clean up the second spill.

Swire Shipping could face clean up costs of AU$100,000 a day as well as fines up to AU$1.5million (US$977,000; £703,000) if found guilty of environmental breaches or negligence.

Sunshine Coast beaches are slowly starting to be reopened. The beach of Mooloolaba was still closed following reports of burning sensations from swimmers. 12 beaches remain closed; however, 13 have been reopened.

Over 300 state government and council workers are using buckets, rakes and spades in the clean up effort. Sunshine Coast Mayor Bob Abbott says the majority will be gone by Sunday afternoon. The full environmental impact on wildlife is not yet known. One turtle and seven pelicans have been found covered in oil.

There are concerns that the drinking water of Moreton Island is at risk, as the island uses water from the underground water table near the oil spill site.

“Every bucketload of contaminated sand has to be removed from the island by barge, and each bucketload from a front-end loader weighs about one tonne. It’s just an impossible task,” said Mr Trevor Hassard of the Tangalooma Dolphin Education Centre.

The commercial fishing industry has suffered from the incident. Trawlers won’t resume operations until Sunday evening, and any catches will be tested for human consumption.

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News briefs:June 30, 2005

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News briefs:June 30, 2005

Thursday, June 30, 2005

Contents

  • 1 Bodies found at crash site of US helicopter in Afghanistan
  • 2 Flash floods hit Australia’s eastern coast
  • 3 Undercover investigation into protests planned for July’s G8 summit
  • 4 Rwandan businessmen sentenced for War Crimes
  • 5 Wikipedia founder Jimmy Wales announces cooperation between KDE Group and Wikimedia
  • 6 OhmyNews forum discusses experiences in citizen journalism
  • 7 Sharapova knocked out of Wimbledon 2005 in semi-final
  • 8 Brazil wins Confederations Cup
  • 9 Football: Kežman goes to Madrid
  • 10 Closing comments
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ANZACs remembered ninety years after assault on Gallipoli

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ANZACs remembered ninety years after assault on Gallipoli

Monday, April 25, 2005

Australians and New Zealanders throughout the world stood still for their national war memorial days in remembrance of the failed Australian and New Zealand Army Corps — ANZAC — attack on Gallipoli, Turkey that began on 25 April 1915. The fateful attack was designed to end the First World War more quickly by creating a supply line to Russia. A hundred-thousand died in the battle, remembered every year as ANZAC Day by both nations.

The British-directed battle of Gallipoli is often seen as the defining moment in the ‘birth’ of Australia and New Zealand. With New Zealand Prime Minister Helen Clark saying “For New Zealand as for Australia it was at Gallipoli that our young nations came of age.” [1]. This being the 90th anniversary of the attack, Clark, Australian Prime Minister John Howard and Britain’s Prince Charles are all at Gallipoli to remember that fateful campaign.

Some controversy has been created about Australian Prime Minister John Howard not attending the New Zealand ceremony at Chunuk Bair on the Gallipoli Peninsula. This has upset many people as it is a break in a tradition that the Prime Ministers attend the ceremonies of both countries.

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2006 “Stolenwealth” Games to confront Commonwealth Games in Melbourne

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2006 “Stolenwealth” Games to confront Commonwealth Games in Melbourne
Published by
Feb 16

Friday, March 3, 2006

The possibility of large-scale protests in the face of the 3,000 journalists covering the Melbourne 2006 Commonwealth Games, has event organisers and the Government worried.

The group “Black GST” – which represents Indigenous Genocide, Sovereignty and Treaty – are planning demonstrations at prominent Games events unless the Government agrees to a range of demands including an end to Aboriginal genocide, Aboriginal Sovereignty and the signing of a treaty.

The Black GST say they hope the focus of the world’s media will draw attention to the plight of indigenous Australians during the Games. Organisers say supporters are converging from across Australia and from overseas. Organisers say up to 20,000 people may take part in talks, rallies, colourful protests and many cultural festivities designed to pressure the Federal Government on Indigeneous rights issues. They want the Government to provide a temporary campsite for the supporters, saying “organised chaos was better than disorganised chaos.”

The 2006 Stolenwealth Games convergence, described by organisers as the “cultural festival of the 2006 Commonwealth Games,” was virtually opened on March 2nd with the launch of the official “Stolenwealth Games” website. Scoop Independent News and Perth Indymedia reported that the launch was held at Federation Square in Melbourne. The site contents were projected via wireless laptop by the Stolenwealth Games General Manager, and a tour of the website was given on the big screen. He said “overwhelming amusement was the response from the audience.” The group say permanent access points to the website are being set up at public internet facilities across Victoria during the coming weeks.

“Interest in the Stolenwealth Games is building all over the world and this fresh, exciting and contemporary site will draw in people from Stolenwealth Nations around the globe to find out about the latest news and events,” said a Stolenwealth Games spokesperson. “We have been getting many requests from around the world wanting to know about the Stolenwealth Games. We have provided many ways that individuals and organisations can support the campaign by spreading the word.”

The Victorian Traditional Owner Land Justice Group (VTOLJG) which represents the first nation groups of Victoria, has announced its support to boycott the 2006 Commonwealth Games until the Government “recognises Traditional Owner rights.” The group asserts that culture has been misappropriated in preparation for the Games.

Organisers of the campaign say they welcome the formal support from the Traditional Owners. “While some seek to divide and discredit Indigenous Australia, this support is further evidence that the Aboriginal people are united in opposition to the ongoing criminal genocide that is being perpetrated against the Aboriginal people” said Black GST supporter and Aboriginal Elder, Robbie Thorpe.

“We now have endorsement from the VTOLJG and the Aboriginal Tent Embassy for the aims and objectives of the Campaign and we are looking forward to hosting all indigenous and non-indigenous supporters from across Australia in March,” he said. The Black GST group have said “the convergence will be held as a peaceful, family-focussed demonstration against genocide, and for the restoration of sovereignty and the negotiations towards a Treaty.”

But the campaign has received flak in mainstream media, such as Melbourne’s Herald Sun, who wrote: “the proposal to allow BlackGST to set up an Aboriginal tent embassy at a site well away from the Commonwealth Games will be interpreted by some as the State Government caving in to a radical protest group. A major concern for the Government… is to protect the event from disruption… no chances should be taken…”

The Black GST has been planning the convergence for months, calling for Aboriginal people and their supporters to converge on Melbourne. The Melbourne-based Indigenous rights group have called on thousands of people concerned about the plight of indigenous Australians to converge on Melbourne during the Games, which they have dubbed “the Stolenwealth Games”. But the choice of Kings Domain has made conflict almost inevitable, as the area is one of the areas gazetted by the State Government as a “Games management zone”.

Under the Commonwealth Games Arrangements Act, any area gazetted as a management zone is subject to a range of specific laws – including bans on protesting, creating a disturbance and other activities. The protest bans will be in effect at different times and places, and offenders can be arrested. A spokeswoman for the Black GST, which advocates peaceful protest, said the site had been chosen because it was close to where the Queen will stay on March 15. “We figured that she is only in Melbourne for 27 hours or something like that so we thought we would make it easy for her to come next door and see us,” she said. “We are a very open, welcoming group, so she will be welcome to come and join us.”

Kings Domain is the burial site for 38 indigenous forefathers of Victoria. Black GST elder, Targan, said trade union groups have offered to install infrastructure at the site. The group initially worked with the State Government to find a suitable camp site, but the relationship broke down when the Government failed to meet a deadline imposed by the protesters. “While we are disappointed the ministers were not able to meet deadline on our request, we thank them for their constructive approach towards negotiations and the open-door policy exercised,” said Targan.

A spokesman for Games Minister Justin Madden said the Government was still investigating other sites. Victoria Police Games security commander Brendan Bannan said he was not convinced the Black GST represented the views of most indigenous people. “We are dealing with the Aboriginal community and they don’t seem to support it at all … the wider Aboriginal community don’t support disruption to the Games at all,” he said.

The Government was told that Black GST supporters would camp in Fitzroy Gardens and other city parks should it fail to nominate a site. A spokesman for Aboriginal Affairs Minister Gavan Jennings said the Government was taking the issue seriously, but had not been able to finalise a campsite before the deadline.

Under special Games laws, people protesting or causing a disturbance in “Games management zones” can be arrested and fined. While prominent public spaces such as Federation Square, Birrarung Marr, Albert Park and the Alexandra Gardens fall under the legislation, such tough anti-protest laws cannot be enforced in the nearby Fitzroy Gardens.

Games chairman Ron Walker has urged the group to choose another date for its protest march through the city, which is currently planned to coincide with the opening ceremony on March 15. The group believes that an opportunity to gain attention for indigenous issues was lost at the Sydney Olympics and has vowed to make a highly visible presence at the Games.

The Black GST said the Australian Aboriginal Tent Embassy’s sacred flame, burning over many years at the Canberra site will be carried to Melbourne before the Games, and its arrival would mark the opening of the protest camp from where a march will proceed to the MCG before the Opening Ceremony.

Black GST claims supporters from all over Australia, including three busloads from the West Australian Land Council, will gather in Melbourne during the Games for peaceful protests.

Aboriginal Affairs Minister Gavin Jennings had offered Victoria Park to the protesters. Victoria Park, former home of Collingwood Football Club, where one of the strongest statements of Aboriginal pride, when St Kilda star Nicky Winmar in 1993 raised his jumper and pointed to his bare chest after racial taunts from the Collingwood crowd.

Black GST, which has labelled the Games the Stolenwealth Games, said the State Government had failed to find a suitable venue. Black GST may encourage protesters to camp in prominent parks such as Fitzroy Gardens and Treasury Gardens. Graffiti supporting the action has also appeared in central Melbourne.

Melbourne City councillor Fraser Brindley has offered his home to the Black GST organisers. “I offered my home up to people who are organising visitors to come to the Games,” he said. Cr Brindley will be overseas when the Commonwealth Games are held and has offered the free accommodation at his flat at Parkville. He said he agreed with the protesters’ view that treaties needed to be signed with indigenous Australians. “I’m offering it up to the indigenous people who are coming to remind Her Majesty that her Empire took this land from them,” said Cr Brindlley. Nationals leader Peter Ryan said: “This extremist group has no part in the Australian community.” Melbourne councillor Peter Clarke said the actions were embarrassing and that he would try to discourage him. “It’s not in the spirit of the Games,” he said.

Aboriginal elder, Targan, said the possibility of securing Victoria Park was delightfully ironic. “There’s a lot of irony going on,” Targan, 53, a PhD student at Melbourne University, said. “GST stands for Genocide, Sovereignty and Treaty. We want the genocide of our people to stop; we want some sovereignty over traditional land, certainly how it is used, and we want a treaty with the government,” Targan said.

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‘Purity’ ring case taken to High Court

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‘Purity’ ring case taken to High Court
Published by
Feb 16

Saturday, June 23, 2007

Lydia Playfoot, a 16 year old schoolgirl from West Sussex, England, has been faced with expulsion by her school, Millais School of Horsham, for wearing a purity ring that symbolises her dedication to chastity.

Her case, that she should be allowed to wear the ring as it is an “expression of [her] faith and should be exempt from the school’s rules on wearing jewelery”, was taken to the High Court on Friday. Judgement in the case was reserved for a future date.

This case echoes a decision in a case last year. The Law Lords rejected Shabina Begum‘s, former pupil of Denbigh High School, in Luton, Bedfordshire, appeal to wear a Muslim Jilbab to school.

Miss Playfoot spoke to BBC Radio regarding the case. She said “Muslims are allowed to wear headscarves and other faiths can wear bangles and other types of jewellery. It feels like Christians are being discriminated against.” Her lawyers have argued that her right to wear the ring as a symbol of faith is upheld by the Human Rights Act 1998

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Kisan Market Agricultural Marketing ACT | Agri Store Online

Published by
Feb 16

Kisan Market-Agricultural Marketing Act | Agri Store Online by rambohalliKisanMarket is the portal where farmers/consumers can sell/buy their farm produce and other related products. Farmers dont know how to approach whole sellers / Retail Chains or the end consumers. Hence we decided to connect them all through kisanmarket.com. In this portal a farmer is identified / registered with their mobile number & all they has to do is enter the produce they have, the quantity & the price he/she wants depending upon the price in the open market. The farmer will determine at what price they wants to sell. There is a popular saying, The person who kills hundred in a battle is called a HERO but a person who saves one is called GOD I hope by trying to help farmers, who can be your own family members, neighbors or someone known in your friends network, you may be GOD to someone somewhere. Please let as many as know about www.kisanmarket.com as we are all aware the middlemen make most of the money leaving the farmer & consumer worried. Most of the products which are not a basic need in our life like TV, Car, bikes, even pricing of apartments are fixed but the basic need – FOOD products produced by farmers doesnt have pre determined price whereas the end product of all major brands has MRP for rice, atta, pulses etc etc. Farmers dont know how to approach whole sellers / Retail Chains or the end consumers. Hence we decided to connect them although In this portal a farmer is identified / registered with his mobile number & all he/she has to do is enter the produce they have got, the quantity & the price he/she wants depending upon the price in the open market. The farmer will determine at what price he/she wants to sell. In case if a farmer cannot work on internet, their children or neighbors or friends like you can help them post. The interested buyer will then contact them & negotiate the price which is mutually agreed & then the produce is picked up from the farm.Apart from helping farmers to sell their produce, we are providing space for agro related companies to list their products / equipments including fertilizers. Since the middlemen are eliminated these companies can offer great discounts to farmers which will bring down the cost of produce.Please note that the registration of both buyers & sellers are free.KisanMarket-Online Agricultural Market place | Agricultural Products.A platform for farmers and consumers to directly interact. farmer had no organized way to sell his produce at the best price and the consumer had no way either to get the best product at the best price. There needed to be a medium. Kisanmarket.com was the result.Get more Details:Website: http://www.kisanmarket.comFacebook: https://www.facebook.com/kisanmarket1/Google plus: https://plus.google.com/100446494230777814801Twitter: https://twitter.com/kisanmarket1Contact Us:– http://kisanmarket.com/Contact.aspx#576,2nd floor,30th main road,BSK 3rd stage,Banglore-560 085Article Source: eArticlesOnline.com

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NASA celebrates 30th anniversary of first shuttle launch; announces new homes for retired shuttles

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NASA celebrates 30th anniversary of first shuttle launch; announces new homes for retired shuttles
Published by
Feb 16

Wednesday, April 13, 2011

NASA celebrated the launch of the first space shuttle Tuesday at an event at the Kennedy Space Center (KSC) in Cape Canaveral, Florida. On April 12, 1981, Space Shuttle Columbia lifted off from the Kennedy Space Center on STS-1, the first space shuttle mission.

NASA held a ceremony commemorating the date outside the hangar, known as Orbiter Processing Facility-1, for Space Shuttle Atlantis, which is being prepped for its final mission which will be STS-135, which will be the last Space Shuttle mission.

At the ceremony, NASA Administrator Charles Bolden announced the locations that would be given the three remaining Space Shuttle orbiters following the end of the Space Shuttle program. The prototype orbiter, Space Shuttle Enterprise would be relocated from the Smithsonian’s National Air and Space Museum Steven F. Udvar-Hazy Center at Washington Dulles International Airport to the Intrepid Sea-Air-Space Museum in New York City.

Space Shuttle Discovery will take the place of Enterprise at the Udvar-Hazy Center. Discovery has already been retired following the completion of STS-133 last month, its 39th mission. Discovery is undergoing decommissioning and currently being prepped for display by removing toxic materials from the orbiter.

Space Shuttle Endeavour, which will launch on STS-134 at the end of the month on April 29, will be sent to the California Science Center in Los Angeles, California following its retirement. Finally, Atlantis will go on display at the Kennedy Space Center Visitor Complex following the orbiter’s last flight which launches June 28.

Columbia was lost tragically back on February 1, 2003 when it disintegrated during re-entry killing all seven astronauts aboard. Space Shuttle Challenger was lost when it exploded 73 seconds after liftoff back on January 28, 1986 killing all six aboard.

“We want to thank all of the locations that expressed an interest in one of these national treasures,” said Bolden to the gathered crowd which contained many KSC employees. “This was a very difficult decision, but one that was made with the American public in mind. In the end, these choices provide the greatest number of people with the best opportunity to share in the history and accomplishments of NASA’s remarkable Space Shuttle Program. These facilities we’ve chosen have a noteworthy legacy of preserving space artifacts and providing outstanding access to U.S. and international visitors.”

Over twenty locations looked to obtain one of the orbiters because of potential tourism booms from them.

This was a very difficult decision, but one that was made with the American public in mind. In the end, these choices provide the greatest number of people with the best opportunity to share in the history and accomplishments of NASA’s remarkable Space Shuttle Program.

Not all were pleased with the final choice of locations. U.S. Senator John Cornyn, Republican from Texas, issued a statement regarding the rejection of Johnson Space Center (JSC) in Houston, Texas as a location. “Like many Texans, I am disappointed with NASA’s decision to slight the Johnson Space Center as a permanent home for one of the Space Shuttle Orbiters. Houston has played a critical role throughout the life of the space shuttle, but it is clear political favors trumped common sense and fairness in the selection of the final locations for the orbiter fleet.”

Cornyn’s statement added, “There is no question Houston should have been selected as a final home for one of the orbiters—even Administrator Bolden stated as much. Today’s announcement is an affront to the thousands of dedicated men and women at Johnson Space Center, the greater Houston community and the State of Texas, and I’m deeply disappointed with the Administration’s misguided decision.” However, the JSC will recieve pilot and commander seats from the flight deck.

The Museum of Flight in Seattle, Washington was also proposed as another location for a shuttle, going so far as to build a new building to house an orbiter. In a statement, Governor of Washington Chris Gregoire said, “The Museum of Flight put a tremendous amount of effort into landing a retired shuttle in the Pacific Northwest. As the home of modern day air travel and the 747, which has gracefully transported shuttles for the last 30 years, Seattle would have been a perfect fit. While the Museum of Flight was in the top running, I’m disappointed that NASA did not choose them.

“However, the full fuselage trainer, that every astronaut including [former Museum of Flight CEO] Bonnie Dunbar has been trained on, will soon call the Museum of Flight home. The largest of the trainers, this addition will allow visitors to actually climb aboard the trainer and experience the hands-on training that astronauts get. Visitors will not be allowed in the other shuttles and this trainer is a true win for our dynamic museum. It will help inspire young people to the adventure of space and to the excitement of a career in science, technology, engineering and math.”

Today’s announcement is an affront to the thousands of dedicated men and women at Johnson Space Center, the greater Houston community and the State of Texas, and I’m deeply disappointed with the Administration’s misguided decision.

Other items include various shuttle simulators which will be given to the Adler Planetarium in Chicago, Illinois, the Evergreen Aviation & Space Museum of McMinnville, Oregon, and Texas A&M’s Aerospace Engineering Department. The nose cap assembly and crew compartment trainer for the National Museum of the U.S. Air Force at Wright-Patterson Air Force Base in Ohio and orbital maneuvering system engines for the U.S. Space and Rocket Center in Huntsville, Alabama, the National Air and Space Museum, and the Evergreen Aviation & Space Museum.

NASA is also offering shuttle heat shield tiles to schools and universities that want to share technology and a piece of space history with their students.

The 30th anniversary of the first shuttle mission coincided with the 50th anniversary of the first manned space flight when Yuri Gagarin lifted off aboard Vostok 1 into space.

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Woman killed on amusement park ride in New York

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Woman killed on amusement park ride in New York
Published by
Feb 15

Sunday, July 1, 2007

A young woman was killed Friday night after an accident occurred on a gyrating ride at the Playland amusement park in Rye, New York in the United States. The woman, Gabriela Garin, was a worker at the amusement park, and had worked there for the past seven years.

The accident occurred near the end of Garin’s shift; as she was loading riders onto the ride. The ride’s new operator, unaware of Garin’s presence, started the ride while Garin was still on it. The new operator then noticed Garin, and shut the ride down in 20 seconds, but Garin had already been ejected from the ride and killed, according to a park spokesperson.

The ride is an attraction that spins people around in two-seat cars, inside a darkened tent to flashing lights and music.

This incident is not the first in the ride’s history. In 2004, a seven-year-old from Connecticut managed to free herself from the ride’s restraining bars, and climb onto the front edge of her seat. She fell soon after the ride started. A safety precaution was put in place after this incident, however, the spokesperson acknowledged that it was not followed when Garin was killed.

The company which owns the ride shut it down, along with two other rides it owns at the park.

This is the fourth fatality in the park’s history. The park features more than 50 rides, a pool, and a beach. It attracts more than 1 million visitors annually.

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Do You Need Reclaimed Wood Table?}

Published by
Feb 15

Do You Need Reclaimed Wood Table?

by

Nick P.Buying Reclaimed Furniture is Environmental ProtectionOf late, reclaimed wood tables have shot up into prominence, and all classes of consumers have started to use the same for varied purposes. Reclaimed wood comes from different sources such as ancient barns, packed up industrial units, coal mines, warehouse, wine barrels, etc. Therefore, there will not be any need for tree obliteration to manufacture furniture. In fact, this is the main point to note here. This practically means environmental protection, an intense issue that has cropped up in the recent years. Going green is the need of the hour, and by opting for furniture items using reclaimed wood, you can be part of the green movement.Benefits of Reclaimed Wood TablePeople choose this model table for varied practical reasons. Besides, with the sprouting of numerous online furniture portals, buying these models of furniture has become easy.Multipurpose Use: Almost all indoor areas of a residence are fitting places for placing a reclaimed wood table. Wherever you place the item, let it be in the foyer, dining room, or kitchen, the place will become handy. There will be various items in all of these areas, which will be of everyday use. If you store such items in racks, it will be difficult to take it out and place it back again. If you place these objects here and there according to the space available, then that will make the area messy. The table will be a good platform to place such things. Moreover, this organized way of storing things will carry away the uncluttered state from the room. Besides the place will get a face-lift and will turn into an eye-catching area when you place a well-designed table. In the foyer, you can use the table as a platform to place showpieces or big flower pots. You can also use it as an extra storage table, where you can place the used papers, magazines, etc. Placing an artistically created reclaimed wood table in the living room is a best way to create an extra allure within the space. You can place your TV set on this table, or else, a unique piece of painting, which will make the room more appealing. There are so many ways to make use of the pleasant style of such a cutely designed wood table. Use your imagination and space-management skills resourcefully, and you will be able to find out various ways by which you can make use of the table effectively.Cost-effective: This is another tempting feature of reclaimed wood tables; you will need only comparatively lesser amount for buying the same. This gives you the freedom to buy the item by staying within your set budget. This is indeed an advantage, which all categories of customers will appreciate.Durability: Reclaimed wood furniture items will be more durable than the new wood items. This is because, reclaimed wood has undergone various weather changes, and this makes them tough. Such furniture will not succumb to wear and tear easily.Serenity: As these model tables bears a pure traditional look, the place where you place it will become more eye-catching and serene. The grand ancient-look of the item is bound to sprinkle shades of the past glory, which everybody will love.FoxDenDecor

is an E- Commerce store offering a unique selection of reclaimed furniture like rustic coffee tables, double sink bathroom vanity, reclaimed wood tables, rustic beds, chairs, and desks. For more info, visit

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Foxdendecor.com/In-Stock-Bathroom-Vanities

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eArticlesOnline.com}

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Commonwealth Bank of Australia CEO apologies for financial planning scandal

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Commonwealth Bank of Australia CEO apologies for financial planning scandal
Published by
Feb 15

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

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