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National Australia Bank blamed for corporate move to impediment of small business

by Sunil
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ONE of the nation’s greatest banks has been blamed for arranging a “corporate move” to press out little organizations and guarantee its obligations were paid first when a Victorian-based business broken down.

Labor Senator Doug Cameron has approached the National Australia Bank to tell the truth about its dealings with Walton Construction in front of a Senate hearing into construction industry insolvency being held today.

“We have had claims that the NAB was included in a corporate move to guarantee that its obligations were recouped in the Walton Construction indebtedness in Queensland,” he said.

“NAB were looking at establishing some process to keep this company going that in reality resulted in many, many, hundreds if not thousands of small businesses losing every cent.

“We have affirmations that amid the period NAB were looking to do this corporate move with Walton that little business were not being paid; that Walton was exchanging for a timeframe up to around 15 months (while) wiped out and little organizations in Queensland and around that nation have been the ones that have endured.”

A NAB representative said the bank did not trust Walton Construction was indebted.

“As we have more than once said NAB has acted in compliance with common decency at all times under the conviction that all gatherings were attempting to stay with Waltons working so the’s 120 employees could stay with their occupations and the could benefit their clients,” he said.

NAB representatives are due to appear at a parliamentary hearing into insolvency in the construction business in Canberra today.

Senator Cameron, who is the Shadow Minister for Human Services, said NAB must be “totally open regarding why it was managing an organization when we have proof that the organization was trading while insolvent”.

“This is a significant problem in the industry,” he said.

“I can’t help suspecting that the enormous end of town cares for themselves here and that the little business are left to take care of themselves.

“What’s more, they can’t do that exceptionally well when the force and control is with the enormous end of town.”

Walton Construction given way in late 2013, apparently deserting obligations worth a large number of dollars.

It was one of Australia’s greatest private private contractors.

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