The joint owners of Melbourne-based polymer banknote manufacturer Securency International Pty. Ltd. plan to sell the company.
Securency has been the subject of allegations of bribery and fraud, which are still being investigated by the Canberra-based Australian Federal Police and the U.K. Serious Fraud Office.
The joint owners, Australia's central bank, the Sydney-based Reserve Bank of Australia, and U.K.-based polymer film manufacturer Innovia Films Ltd., announced the sale, citing a strong interest from potential buyers as the reason behind it.
Securency, a joint venture established in 1996 between RBA and Innovia, manufactures and markets a biaxially oriented polypropylene substrate used in Australian banknotes since 1988. It has sold the technology to 30 other countries.
In a statement, RBA said Innovia told the bank it had decided to sell its half-share of Securency. In light of Innovia's decision, Australia's monetary policy decision-maker said it also would sell its stake.
RBA said its board had a long-standing intention to exit Securency once the company had established itself as a viable long-term supplier in the international market for banknote substrate.
International corporate adviser Macquarie Capital Advisers, a unit of Sydney-based Macquarie Group Ltd., will advise RBA and Innovia on the sale.
Securency has been the center of controversy since a whistleblower last May claimed bribes totaling up to $A45 million (US$36.6 million) were paid by its foreign agents to sell the polymer banknote technology globally.