Review of 2004 - January: NAB saga starts in earnest
Later in the month NAB chief executive Frank Cicutto said weak internal processes had enabled the traders to carry out the fraud but added that market speculation putting the losses as high as A$600 million were likely to be inaccurate.
Four traders were suspended, as the bank referred the matter to the Australian Federal Police and appointed PricewaterhouseCoopers to assist in its internal investigation. Four NAB staff were identified as being involved in the illegal trades including Melbourne
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