Central Banking

RBA offloads stake in scandal-hit Securency

australian-usd50-note-polymer-front

The Reserve Bank of Australia (RBA) has sold its 50% stake in Securency International, the polymer-producing company accused of bribing public officials in Asia to win banknote manufacturing contracts between 1999 and 2005.

The central bank is selling its shares in the company to the UK-based Innovia Films for an initial $67 million, though this sum could rise if Securency meets certain "earning benchmarks".

The RBA retains ownership, however, of Note Printing Australia (NPA), the company that

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