Wings finance chief will leave company over ‘lack of accountability’

The chief financial officer of Wings Financial, Andrew Leach, has resigned amid a growing corruption scandal, after he was caught using a fake credit card to make a payment to a bank and then using it to pay for luxury items.

Leach, who had been with the company for more than a decade, was removed from his role on Tuesday, and the company has issued a statement saying he was removed “in order to address a lack of accountability” in the company’s financial practices.

“We have removed Andrew Lech from our board and are committed to an effective corporate culture, and we will continue to address these issues and the overall culture of the company,” the company said in a statement.

Lech, whose duties included managing the company and its subsidiaries, had been the most senior executive in the world to be implicated in financial misconduct. 

He was previously chief financial and legal officer of the United States Virgin Islands. 

The board was also forced to call in an outside law firm to look into allegations of a conflict of interest and improper pay.

“The board has made a number of changes to ensure our culture and governance is consistent with our principles and values,” the statement said.

“This includes, but is not limited to, removing Andrew Leich from our corporate governance board, as he was not able to provide sufficient leadership, and making the board aware of the fact that he was using a fictitious credit card.”

The company has also been under increasing pressure to improve its financial reporting and internal controls following revelations that the company had taken more than $4.7m in improper payments from overseas financial institutions.