SYDNEY, Oct. 9 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has disqualified the former CEO of Xinja Bank (Xinja) and one other director from being or acting as accountable persons of any authorised deposit-taking institution (ADI)1 under the Financial Accountability Regime (FAR) for failing to comply with their accountability obligations.
Former CEO Eric Wilson has been disqualified for a period of eight years, while non-executive director Craig Swanger has been disqualified for 10 years. They are the first disqualifications under the FAR.
Xinja, now known as A.C.N. 618 937 054 Limited, is in liquidation after returning deposits and handing back i...