The Australian Prudential Regulation Authority (APRA) today obtained interim orders in the Federal Court preventing Global Monetary Corporation Pty Ltd and two named individuals from, in effect, carrying out banking activities and using the name Global Monetary Bank.

The Banking Act 1959 requires companies that carry on banking activities to be authorised by APRA. Unless that authorisation is made, a company may not use the words bank, banking, etc in its name or to refer to its activities.

The court orders also prevent the corporation from disposing of its assets other than by way of refund to depositors. At a final hearing of the proceedings, APRA intends to seek orders that the Company refund any monies deposited with the corporation.

Additional orders were made requiring publication of notices on certain internet sites to the effect that Global Monetary Bank is not authorised to carry on banking business in Australia, which includes the receipt of monies on deposit. The matter is to come before the Court again on 15 June 2001.

APRA requests that any person who has deposited money with either Global Monetary Bank or Global Monetary Corporation contact APRA on 13 10 60. The Call Centre is open between 8 am and 7 pm on business days.

This will ensure that APRA is as informed as possible on the extent of the activities of Global Monetary Corporation and can seek to identify any deposits that may require repayment if the Court so orders.

 

For further information contact:

Gloria Peterson Public Affairs Manager 02 9210 3385 or 0419 250 286