Sir John Key sold beach house to exiting ANZ boss David Hisco: 'It was a transparent issue'

Monday, 17 June 2019

ANZ CEO David Hisco has gone from the bank after spending thousands of dollars on corporate cars and wine storage.

ANZ chairman and former prime minister John Key says a review of outgoing chief executive David Hisco's expenses did not include the purchase of his beach house.

The house at 43 Success Court, Omaha, is now owned by Hisco and associates. It was previously owned by John and Bronagh Key.

It was announced on Monday that Hisco has left ANZ.

Do you know more? Email newstips@stuff.co.nz

Hisco, 55, stepped down several weeks ago, a move the board said at the time was due to health reasons. It has since been revealed that there were concerns about his personal expenses, including the reporting of chauffeured cars and wine storage.

**READ MORE:

ANZ chairman John Key spoke to media alongside acting chief executive Antonia Watson.

* Sir John Key explains the expenses scandal that cost ANZ's Hisco $6.4 million

* ANZ chairman Sir John Key fronts media over chief executive Hisco's departure

* ANZ chief executive leaving following review of personal expenses**

Key said an internal investigation begun three months ago in Australia by group chief executive Shayne Elliot in Australia covering multiple senior executives had revealed 'anomalies', which the ANZ New Zealand board were told about three months ago.

Key told media the beach house sale was not part of the inquiry.

'At the time at which he bought that beach house I wasn't chairman, I don't think, but I made sure the group at senior level particularly the chairman in Australia and the ceo were absolutely clear about what was taking place.

'We had a house for sale they wanted to buy one. They bought it, that's what it is.'

The house has an estimated value of $3.83 million.

Meanwhile, Hisco issued a note to staff which thanked them for their support over his nine years as chief execuitve.

'I must accept accountability for not meeting the standards expected of me,' he said.

'What I will remember most is our wonderful and dedicated staff who backed our plan to do the National Bank merger and who have helped take ANZ in New Zealand to new heights. Our customers believed in you then as they do today, and I'm glad I got to know so many of them over the years.

'I want to thank my wife who has supported me throughout my career and also thank the board and management team who have shared my vision along the way. I know they will steer the bank well going forward.

'Whilst my family and I were proud to become New Zealand citizens in 2016, we continue to learn about New Zealand and its unique culture. It is a beautiful country and its people are humble and welcoming. It's the place we now call home and I look forward to resting and recharging before moving forward.'