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.