NAB Responds: 60 Minutes story aired Sunday 7th May, 2017

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A statement from Michael Hall – General Manager, NAB Business QLD/NT

“We sympathise with the situation that the Maloneys are now in and regret not having researched Mr Prestia before sharing his details with the Maloneys.

“NAB supported the Maloneys over many years, including during the GFC and into 2009 when the high Australian dollar impacted the tourism industry and the Maloney’s business.  Additional funds were provided and payments were suspended on their loans.

NAB’s aim has always been to support the family in preserving their business, so that it could keep its doors open to customers and repay its debts.

From as early as 2007, the Maloneys had been exploring sale and investment options with numerous potential parties and advisors, including for a short period in 2012 with Mr Prestia.  However no sale or investment contract was ever received by NAB.

 Having supported the family through increasing financial difficulties from 2010 to 2013, NAB ultimately appointed receivers on 4 March 2013.

The receivers continued to trade the business and undertook a sale process to achieve the maximum sale price. ”

Introduction to Mr Prestia:

 “A NAB staff member, who was unaware of Mr Prestia’s bankruptcy or history, shared Mr Prestia’s contact details with the Maloneys via email, as someone “who may have the capacity to deliver an equity injection”.

“In light of the questions raised by 60 Minutes and from our own enquiries, we believe this is the only instance where NAB has passed Mr Prestia’s details to a customer.   NAB will not be engaging  Mr Prestia or providing his details to any customer of NAB.”

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