In May 2016, Commonwealth Bank of Australia CEO Ian Narev refused to attend a hearing Senate economics references committee in relation to allegations of another serious misconduct at the CBA.
Mr Narev was asked by the committee chair Senator Chris Ketter to attend the hearing in relation to explosive allegations into CommInsure, aired on ABC’s hard hitting investigative journalism show 4 Corners. The episode was co-produced with Fairfax media’s Adele Ferguson, Australia’s most awarded journalist in the areas of banking and corporate misconduct.
The episode centred around CBA insurance arm, CommInsure, failing to pay medical claims by relying on outdated medical definitions.The claims were supported by a senior CBA whistleblower, Dr Benjamin Koh.
Mr Narev was called to attend the hearing in relation to CBA’s treatment of Dr Koh following his efforts to advocate for ethical customer outcomes. Dr Koh was dismissed by the CBA.
The Sydney Morning Herald reported on Mr Narev refusal to attend the hearing:
The CommInsure was another example of the CBA serious, systemic misconduct and of the bank putting profit before people, adding to the already strong argument for a Royal Commission into the banking and finance sector.
Ian Narev is of particular interest to the Bankwest class action team, as it is understood Mr. Narev was behind the negotiations at CBA when they acquired Bankwest in late 2008.
Mr Narev had published this fact on his corporate biography until he curiously removed reference to this large transaction, at the same time allegations began to surface of systemic misconduct towards commercial loan customers post-acquisition.
Ian Narev is now the Chief Executive Officer of the Commonwealth bank of Australia (CBA).