Westpac scandal pulls Australian shares down; NZ gains

Australian shares heavily suffered on Thursday as one of the country’s top lender Westpac Banking Crop shed 1% loss sparking investors rage over money laundering anomalies.

The S&P/ASX 200 index ended its session with 0.7% setback, equivalent to 43.8 points at 6,708.8 as the alpha four banks all declined ranging from 0.7% to 1.3%.

Westpac said it was “shattered” by a lawsuit filed against them over unintentional transactions it executed among alleged child exploiters. In line it released an apology to everyone affected with gained rage and criticisms from different stakeholders.

So far, the company shed out about A$8.6 billion (45.84 billion) market value in three weeks after the lawsuit was filed citing 23 million worth of breaches on anti-money laundering laws, involving allegations on child exploitation transactions.

                Westpac, Australia, and New Zealand Banking Group were restricted from binding in a federal contract regarding government home-loan strategy while New Zealand’s central bank urged ANZ’s local force to innovate its internal risk controls.

                Australian markets’ sentiments remain cautious despite US Federal Reserve’s assurance that lending costs will retain.

                Energy sector eased with 0.5% loss as energy dependent Santos Ltd shed 0.2%.

Oil and gas manufacturer FAR ltd sunk more than 24%, its worst recorded performance since 204 as it disclosed accomplishment of a A$146 million placement aimed at funding Senegal oil field project development.

New Zealand’s benchmark index S&P/NZX 50 recorded a well-ended performance in three consecutive sessions with 0.1% gains, equivalent to 16.02 points to 11,307.98.

Restaurant Brands New Zealand Ltd was the highest advancers with 4% gains.