Already a subscriber?National Australia Bank claims a company central to a scheme that allegedly falsified revenues and invoices to steal $15 million from Westpac also owes it more than $9.7 million.
The bank wants the court to find that the Musumecis passed the money to a network of agricultural and property interests. Two of these companies, Musumeci Property Investments and major Northern Territory mango player Cheeky Farms, are now in receivership due to unpaid debts with NAB. Justice Black, however, said, “there is no sensible construction” of the farm debt laws put forward by Musumeci Property Investments. While the receivers were in NSW, the relevant properties are located in the Northern Territory where there is no equivalent law that would force NAB to mediate.