Thieving comes to light at bank

The New Zealand arm of Australian investment bank Macquarie is adding up the bill after uncovering a theft of money by an employee.

Macquarie was not prepared to indicate yesterday how much it suspects was taken, but sharemarket operator NZX and the Securities Commission have been advised of the theft "as a courtesy", although the funds taken did not belong to clients.

Macquarie Financial Services Group chief executive John Rowley confirmed the theft, which was discovered about four or five weeks ago.

He would not say how much was taken, from which office or what position the employee held.

The worker has since been fired. Police are not involved for now.

"Until there's a situation that is clarified, one can't make judgment whether any other authorities should be involved," Rowley said.

Sydney-based Macquarie spokeswoman Irene O'Brien told the Business Herald the bank was still investigating.

"It was a person who was not a broker, they were not an adviser and they didn't have any access to any client funds," she said.

"What they did was misappropriate Macquarie's own funds so it's an internal matter.

"We did feel that as a courtesy we should be advising the NZX that this has occurred.

"It's not necessarily a matter for them either because it's not someone who's registered with them."

O'Brien did not how much was taken. She said Macquarie was "still working through to find out how much it is" and was "looking at having the funds paid back".

The bank was unlikely to press charges against the former employee. "It's an internal matter between Macquarie and the person."

NZX confirmed yesterday that it was aware of the theft. A spokeswoman said the exchange had, in turn, advised the commission, also "as a courtesy".

Rowley said Macquarie remained confident of its compliance with NZX rules designed to protect client funds.

"We just had the NZX do a full audit and we got a five-star bill of health ... We're delighted we came out so strongly."