Home > Industry > Finance > IT Leasing Company Exposed

IT Leasing Company Exposed

Investors in fintech Humm Group are shaking their heads after the company revealed it has up to $12 million in historical exposure to Forum Finance, the company at the centre of an alleged potential fraud of more than $200 million against Westpac.

Forum Finance will be wound up after a Federal Court judge said the company appeared to be part of a long running, calculated and elaborate fraud.

The decision was based on unchallenged evidence of alleged fraud totalling more than $250 million involving Westpac bank.

Humm, formerly known as Flexigroup, said an equipment finance leasing company it used to own had borrowed funds through Forum Finance between 2016 and 2018.

Westpac and French bank Societe General had both filed proceedings in the Federal Court suggesting other financiers may have been victims of the alleged fraud.



You may also like
Latitude Locked Into JB Hi-Fi For Four Years
Harvey Norman Partner Cancels BNPL Takeover
Click Frenzy Inks BNPL Deal Ahead of November Sales Event
PayPal Take On AfterPay With New Buy-Now-Pay-Later Platform
Afterpay Revenue Up 97%, ANZ Online Sales Boom

Popular Posts

How Much Money Will Directed Electronics Lose Following Their Snapping Up Of Shares In Failed Toy Retailer?
Latest News
/
/
Hisense Launches HT SATURN 4.1.2-Channel Sound System with Devialet Collaboration in Australia
Latest News
/
/
Apple Delays Advanced Siri AI Upgrade to Spring 2026 Amid Internal Restructuring
Latest News
/
/
New AI Data Capture & Advertising Coming To LG TVs With Upgraded WebOS Hub 3.0
Latest News
/
/
Bose Unveils AI-Powered QuietComfort Ultra Earbuds
Latest News
/
/

Digital Magazines

Recent Post

How Much Money Will Directed Electronics Lose Following Their Snapping Up Of Shares In Failed Toy Retailer?
Latest News
/
//
Comments are Off
Management at Melbourne based distributor Directed Electronics have not said how much money they face losing following the collapse of...
Read More