On the strength of a claimed turnover of $1 billion, the Australian Financial Review reported in early February 1978: “At this sort of growth rate Nugan Hand will soon be bigger than BHP.”
But two years later, on January 27, 1980, one of the bank's two founders, Frank Nugan, was found dead near Lithgow in NSW from a gunshot wound to the head. An inquest found it was suicide. Meanwhile, the other founder of the bank, Michael Hand, was busy shredding documents, including “files identifying clients regarded as sensitive”.