Ex-ANZ bank mobile manager Zamir Hussain, has been ordered to pay the bank $1.2 million NZD in damages, reports stuff.co.nz today.  Mr Hussain perpetuated fraud by over-lending to customers.  ANZ was only aware of the fraud after the borrowers defaulted on their loans.

Mr Hussain was taken to the Employment Relations Authority, who ruled that his breach of duty of care in the 18 mortgage transactions resulted in a fine of $54,000 NZD.  However, in a separate decision, the Employment Relations Authority has ruled that he must pay more than$1.2 million NZD in damages for loss caused by his fraudulent conduct.

”Mr Hussain’s training and experience was such that he must have known of the real prospect of significant losses being caused by his careless or reckless actions,” stated the Employment Relations Authority.

ANZ maintains that it lost more than $3.5 million NZD as a result of the fraud.