Senate to interrogate more IOOF execs at next hearing

Senate to interrogate more IOOF execs at next hearing

More IOOF executives will be interrogated early next month when a second senate hearing into possible misconduct at the financial services firm takes place.

Labor Senator Sam Dastyari confirmed to ifa that the Economics Committee will meet again in Sydney on 3 August "to further scrutinise IOOF executives on their responses to serious allegations of misconduct".

The hearing follows allegations of front-running and insider trading at IOOF sparked by Fairfax Media news reports.

Senator Dastyari could not confirm who will attend the next hearing, saying "the names of the witnesses will not be made public until they have been contacted and formally invited".

However, sources familiar with the inquiry said they are expected to include IOOF chairmen Roger Sexton, company secretary Danielle Corcoran, head of investigations Rob Urwin and head of research Peter Hilton – the man at the centre of the allegations.

Earlier this month, the committee grilled IOOF managing director Chris Kelaher, who reiterated there was no systemic failure at the $2.6 billion financial services giant that required it to inform ASIC.

Mr Kelaher said a PwC inquiry last year found no evidence of front-running detected. He later agreed to turn over that PwC report to the committee.

A spokesperson for Senator Dastyari told ifa the report was received and circulated "to senators on the Economics Committee on Friday 10 July, including Senator Williams who is a 'participating member' of the committee.

"While we have the report in our possession, we will not be making it public, or commenting on its contents at this time," the spokesperson said.

Senate to interrogate more IOOF execs at next hearing
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