FX firm ‘significantly overcharged’ start-up Koala, ex-staffer alleges

afr.com:

Foreign exchange trading firm Convera “significantly overcharged” mattress start-up Koala, demanded the will of late music industry legend Michael Gudinski when onboarding his Frontier Touring company and a senior executive bullied a staff member who raised concerns about the conduct.

The Australian Financial Review has obtained a Federal Court claim filed against the company by a former sales executive, Kristopher McDonald, who says Convera – formerly known as Travelex – breached his workplace rights and employment contract. He is pursuing $90,000 in unpaid entitlements and further penalties from Convera.

Kristopher McDonald’s allegations widen concerns about the broader culture of the foreign exchange sector after the Financial Review reported staff churn at Airwallex reached 10 per cent in a quarter. AP

Mr McDonald, who worked at Convera from 2013 to 2023, alleges that he was bullied by his boss, regional sales manager Maria Harkin, and was pressured to resign after escalating concerns about the company’s conduct.

Central to the complaint is Convera’s dealings with online homewares start-up Koala, which he brought over to the FX trader thanks to his “close personal relationship” with its founder, Dany Milham, in May 2021.

“[Convera] sold Koala hedge products resulting in revenue of $700,000 to the respondent as a result of a single deal,” the complaint, which was filed to the Federal Court in September, says.

The claim says Mr McDonald felt Convera had “significantly overcharged” Koala and this made him uncomfortable. When he talked to Ms Harkin “the response he received from Ms Harkin was, in her opinion, it was OK”, the claim said.

The claim further alleges that later in 2021, when onboarding music promoter Frontier