Letter to the Editor, The Australian
5 November 2007
Mr Chris Mitchell
The Editor in Chief
November 4, 2007
I refer to the story printed in yesterday’s Weekend Australian ("Commonwealth profit haunted by untold story of global market duo’s dismissal") which implies that the Commonwealth Bank may have incurred trading losses in June in the vicinity of $50 million.
Not only was this denied at the time, but subsequently the Group released its audited financial results for the year ended June 2007 reporting another record profit including strong earnings from its global markets and trading activities.
Further the Group recently issued its September quarterly trading update which indicated that the guidance given to shareholders at that profit announcement in August was still current.
I can also confirm that Mr Touw and Mr Hua were dismissed from the Bank with cause and the Bank will vigorously defend the action brought by them. The Bank will formally file its defence to this action with the NSW Supreme Court later this week.
Chief Executive Officer
Commonwealth Bank of Australia