LAWFUEL – The Legal Newswire – ASIC has cranked up its unconscionable conduct investigation into National Australia Bank over the bank’s dealings with the Safetli family of Sydney, and the family yesterday signed up with class-action law firm Slater & Gordon.
The corporate watchdog, having accused NAB of breaching court orders and making false statutory declarations that Faouzia Safetli received legal advice about the effect of personal guarantees she signed, has dispatched Section 19 notices for the production of documents and examination of witnesses.
NAB enforced the guarantees extracted from Mrs Safetli, an elderly woman of Lebanese descent with only limited English, in 2003. The family was forced to sell $9 million of property, and Mrs Safetli lost her home four weeks after her husband died.
