ASIC reviewing CBA claims: report

The Australian Securities and Investments Commission will review unconscionable conduct claims against the Commonwealth Bank of Australia Ltd made by property developer Rory O'Brien, though no formal investigation has been launched, The Australian reports.

According to the newspaper, Mr O'Brien lost his luxury resort in the Whitsundays in 2009 when Bankwest foreclosed the property.

Mr O'Brien has previously suggested CBA stood to benefit from its 2008 bailout of Bankwest by virtue of a 'clawback' provision which enabled the major lender to "pay less if bad loans exceeded what its limited due diligence revealed".

"I was contacted by an ASIC officer who said he wanted to review my evidence," Mr O'Brien said of the watchdog obtaining a copy of his court affadavit.

An ASIC spokesperson confirmed it had obtained a copy of the affadavit, but said no formal investigation had been launched.

The Australian reports CBA said it was not aware of any requests by ASIC, but that it would respond accordingly if they were made.

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