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RBA to sell interest in Securency

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AAP

2013-02-12

Reserve Bank of Australia (RBA) has sold its 50 per cent stake in money printing firm Securency for $65 million.

The RBA's stake will be bought by Innovia Films, the UK film maker that already owns the other 50 per stake in Securency.

The central bank has been seeking to sell its stake in Securency since late 2010.

The RBA will receive about $65 million for the sale, above the $54 million its interest in Securency was valued at in the bank's financial accounts for 2011/12.

Agents of Securency have been accused of offering bribes to overseas officials to gain business.

Internal investigations in 2007 found no wrongdoing, and it was not until 2009 that the RBA brought in the Australian Federal Police (AFP).

The RBA on Tuesday released the findings of an independent review of its oversight of its note printing subsidiaries.

The review found that more oversight could have been applied to the companies, but the RBA took appropriate action when it appeared the companies were not performing in line with the bank's expectations.

The RBA's wholly-owned note printing subsidiary Note Printing Australia will remain in the bank's control.