Westpac ‘Unreservedly’ Apologizes For Links to Child Abuse Funds

Westpac Banking Corp.’s board stood behind its management team on Friday, offering embattled chief executive Brian Hartzer some respite from mounting criticism over allegations of a breach of money-laundering laws, including failing to detect payments linked to child abuse. The “allegations clearly indicate there may have been a lack of attention to” human-rights issues “within the corporate culture of Westpac,” Ethical Partners Funds Management CEO Matt Nacard and Chief Investment Officer Nathan Parkin said in a statement. The fund has sold some of its Westpac shares since the allegations were aired, they said.