Westpac Banking Corporation's FRAUD
Mr Strong, as counsel for Westpac, bluffed inside the court room, saying my (Mr Iyer's) understanding of compound interest is unique.
Perhaps he has not learnt compound interest in his schooling!
Mr Tim Goss has given in writing and with ombudsman (in response to my complaint, not enquiry) against my claim that they charge compound interest. He repeatedly confirmed, and Westpac successfully hush up the case from entering in (a) legal database (b) from their own financial reports for the relevant periods, they filed with various authorities!!!
It will be interesting to check if National Australia Bank and Commonwealth Bank of Australia have shown the 2 court cases (judgement reserved on 18th June 2007 and 20 June 2007 respectively, myself and Praveen having a claim of $1billion in exemplary damages, the judgement came on 23 January 2008), in their Annual financial reports falling between the dates!!!
Financial Reports Hush up:
As per the accounting standards, the bank prepared half yearly financial statement, (lodged and published their report), they have to disclose existence of court cases against them (because no one knows?? how the decision would go!), the auditors have to certify these. Particularly when I sought exemplary damages, the cases details must be disclosed in Financial Reports.
Visit www.westpac.com.au to check the annual reports published, if my case details does exist and auditors Pricewaterhousecoopers have either not been informed or they joined these bluffers or did not want to get into it!!
Where I claimed $1 billion in exemplary damages (so it is a significant case to be included in financial reports).
My second case was also I claimed the same $ 1 billion in exemplary damages. This case was registered on 30th March 2007.
This was heard on 10th May 2007 so definitely this case is required to go in their financial reports because as of 31st March 2007. The bank had the risk of losing the case and paying $1 billion, as the case was decided only on 10th May 2007. But this case also has not gone in financial reports but audited and certified!!!.
These two cases have not gone in the legal database (but now, I have placed it in this site, the court transcription. (Each of them cost me money to be paid to the transcribing agents appointed by VCAT, and I selected one of the 6 agents).
Sequence of Events:
In fact, I did not have any case at all, if my initial query sent on line has been resolved appropriately. I requested for recalculating the interest on my home loan, (that I had with them for a very short period as I transferred to NAB later) and refund the difference (it came up to $1001.89, when I calculated myself, for that period I stayed with them).
At Westpac website, I lodged a complaint. Ms Robyn Clarke of Westpac rang to (she was pretty rude) tell me ‘you signed the contract, you are bound by it, now you cannot complain’. In fact, Ms Robyn Clarke of Westpac (see view documents) has been very tough on phone asking me to go to ombudsman, which I did.
So I lodged a complaint with Ombudsman. So Mr Tim Goss, on 16 November 2006, spoke to me for one hour (see view documents for minutes of conversation) and did not answer my question, 5 times every 10 minutes on that call, of simple interest/interest only on money lent or compound interest/ interest on interest, finally he wanted me to guess it myself and in his 4 pages letter, he has reassured in at least 3 places that on my home loan I have been charged ONLY SIMPLE INTEREST!
It is a deceptive conduct as it has been done for gaining financial advantage over me, as per section 52 of Trade Practices Act 1974 or Section 9 of Fair Trading Act of Victoria. The Act covers even a 'likely' to mislead behaviour. But what I have produced in the court is (not about likely to mislead), definite mislead in writing in the process of resolving my complaint with ombudsman!!
On 22nd Feb 2007, Deputy President Ms B Steele of VCAT presided over the directions hearing (means, a pre hearing to plan of time and witness to be produced etc). She encouraged me to go for compulsory conference, in a confidential environment with the bank representative. She argued most part of our 1 hour against my case (as if she is representing Westpac. Westpac lawyers hardly spoke few words). On 22 Feb 2007 only 2 lawyers came on behalf of Westpac.
When I demanded interlocutory injunction (for Westpac Not to continue lending in Victoria until my cases is decided and determined, for the bank’s failure to comply with legislative requirements on Mandatory Comparison Rate effective 1st July 2003). She asked me if she or VCAT has such powers. I affirmed. So she rang from her desk to her senior.
Immediately after speaking to her senior she suspended the court for a few minutes went down to meet someone and came back to advise me that VCAT has such powers and that she can schedule such hearing in 2 days or a hearing of the actual case on 19th March 2007. Due to intervention and suggestion by Mr Praveen Rao (when I was seriously arguing with Ms B Steele), I took the option of 19th March full hearing than injunction hearing in 2days after 22 Feb 2007.
She scheduled the full day hearing of the case (as I rejected the offer of confidential compulsory conference with the bank) for 19th March 2007 from 10.a.m... She ordered if the case is not concluded on that day, I can apply for injunction against the bank’s lending practices in Victoria.