Civic Bank Investment Scandal

This article describes a continuous or ongoing event.

The 'Civic Bank Investment Scandal is a major political scandal in Georgeland, possibly the largest for decades. It is alleged that six members of the Georgeland House of Commons and three Senators, all Liberal Democrats invested in the Civic Bank prior to its collapse at the end of 2005, investments which are suspicious due to the high level of involvement of many of the MPs and Senators in banking issues.

Civic Bank Collapse
The bank, established in 1987, collapsed in 2005 following revelations of embezzlement, fraud and other violations of federal law levelled at eleven of the members of the bank's board. It entered recievership in October 2005.

Investments of MPs Revealed
In January 2006, the recievers revealed the names of all investors in the bank prior to its collapse in compliance with freedom of information laws. Nine of the names were members of parliament representing the Liberal Democratic Party, including the powerful Chairman of the House of Commons committee on Financial Affairs, Bill Robinson, and other members of his committee and its Senate equivilant.