THE 2015 WAW director election vote-rigging scandal has deepened with the credit union’s former chief executive Peter Challis being charged by the Australian Securities & Investments Commission (ASIC).
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Mr Challis, who left the organisation a year later, has appeared before Wodonga Magistrates' Court and will return to court on November 27.
It is alleged he with-held information from the WAW board relating to the internal investigation into the 2015 election which subsequently led to financial planner Neil Evans pleading guilty to using the personal details of close to 500 members to access the voting system and cast ballots for two candidates in the election conducted online.
ASIC alleges Mr Challis knew the owner of the IP address from which the ballots were cast and did not inform the WAW board.
In the absence of votes cast from the single IP address, Tim Frazer would not have been elected and Tracey Toohey would have been.
In a statement, WAW board chair Carol Judd said Mr Challis’ alleged conduct was unacceptable and inconsistent with the values of the credit union.
“WAW is deeply committed to good governance, sound business practices, and protecting customers’ interests,” she said.
“I want to assure our customers, who are also our owners, that WAW has continued to strengthen its governance systems and processes since 2015.
“For 62 years WAW has been committed to providing a strong, local and sustainable banking alternative that supports our customers and the communities where we operate.
“We remain dedicated to that vision.”
The present board and management have supported the ASIC investigation.
According to its website, ASIC alleges Mr Challis “either dishonestly or recklessly failed to exercise his powers and discharge his duties as WAW CEO in good faith in the bests interests of the corporation or for a proper purpose”.
Mr Challis’ charge of contravening the Corporations Act carries a maximum penalty of five years jail and a hefty fine.
He worked for WAW for 20 years before being replaced by his deputy Michael Mack.
- Receive our daily newsletter straight to your inbox each morning from The Border Mail. Sign up here