Things go from bad to worse at Star

The second Star inquiry in Sydney has gone from bad to worse, to what the heck, after it was halted on Wednesday, Day 3 of the first week of the new probe.

The reason, it seems, is the company producing a host of documents on its former chief financial officer, Christina Katsibouba, who testified on Tuesday and claimed senior executives tried to cover up the $3.2 million theft from a cash out machine in May and June of last year.

The appearance of the documents from Star saw inquiry head Adam Bell SC suspend the inquiry and demand an explanation from the company as to why these documents were only now appearing.

Media reporters there said he warned the company could be in breach of the Royal Commissions Act.

He halted the inquiry to allow lawyers to try to find out the nature of the documents apparently linked to Christina Katsibouba and for an explanation as to why they were only now being released.

The shares traded between 41 and 42 cents for most of Wednesday. They ended unchanged at 42 cents.

Meanwhile, Bendigo and Adelaide Bank announced that its chair, David Foster, had "requested a temporary leave of absence from the Bendigo and Adelaide Bank Board” without saying why.

Foster, who is also chair of Star and under pressure at the second inquiry, stepped aside.

Bendigo said that Vicki Carter has been appointed Interim Chair of the Board effective yesterday.

The bank said she joined the board in September 2018 and has over 30 years’ experience in the financial services and telecommunications sectors.

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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