Banks’ valuation of farms laid bare in royal commission

The valuation of farms by Australia's banks has become a key issue in the banking royal commission's hearings into farming finance. This comes after the inquiry heard Bankwest told Melville Ruddy in 2013 to sell one of his two cattle farms as it tried to fix a bank manager's inflated property valuation. Bankwest knew in 2012 the bank manager had inflated valuations but did not tell five customers, including Mr Ruddy, where he was the sole valuer.

from Finance – syndicated | Daily Telegraph https://ift.tt/2lITUpe