AUSTRALIAN POLICE ARREST FORMER WESTPAC CLERK
Australian police said they charged a
former currency clerk of Westpac Banking Corp <WSTP.S> with
misappropriating 8,300 dlrs in July in an alleged
foreign-exchange fraud.
    A spokeswoman for the New South Wales Corporate Affairs
Commission (CAC) said the arrest was part of its investigation
stemming from complaints from Westpac and <Kleinwort Benson
Australia Ltd>.
    CAC and Westpac officials said they were working out how
much money was involved, but said press reports it was as much
as five mln dlrs were probably exaggerated.
    Police told reporters it was alleged the former clerk
quoted an incorrect dealing price relationship between the yen
and the Swiss franc.
    They said the CAC was investigating 14 other cases
involving 214,000 dlrs.
    A Kleinwort Benson spokesman declined to comment on the
case but the company said in a statement yesterday a small loss
incurred in 1986 in its foreign-exchange division was unrelated
to "certain alleged forex irregularities."
 REUTER
