FMA says ANZ should have reported Hisco house sale in financial statements

Thu, 22 Aug 2019

By Jenny Ruth Aug. 22 (BusinessDesk) - The Financial Markets Authority says ANZ Bank should have treated the sale of a house in Auckland to former chief executive David Hisco’s wife as a related-party transaction in the bank’s 2017 financial statements. “The FMA determination is primarily based on the nature of the transaction which, in our view, makes this disclosure material for the financial reporting purposes,” FMA says in a statement. “ANZ disagrees with the FMA’s finding as it considers the transaction not to be material informat...

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