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Reply to "Court rules in favour of wrongfully dismissed NBS boss – orders compensation"

Drugb posted:
antabanta posted:
Drugb posted:
antabanta posted:

Really?? You think that every withdrawal in a bank has to go past the CEO's desk?

It is standard procedure for large withdrawals to have ceo approval. 350K US is not "any" withdrawal.  The amount would trigger a red flag and require CEO signoff. 

And any CEO, anywhere in the world, signing off an such a large withdrawal after a satisfactory examination of appropriate documents, is guilty of power of attorney fraud?

Correct, the red flag would be that a power of attorney is withdrawing a large sum. In fact to Arjoons favor,  such checks and balances were not in place, that is why he get off. Instead he leveraged the lack of rules within the company at the time to commit the fraud. It was only afterwards that the proper red flags were put in place after they go burnt for 69M gyd. He knew what he was doing even if complacent in the crime.

And when a large withdrawal via power of attorney lands before a bank CEO, what should the CEO do?

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