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Abbott Ltd, a supplier of sailing equipment was incorporated 10 years ago and is 60% owned by Xavier Ltd. Abbott Ltd has been a very successful business, averaging annual profit of $5 million. However, during the past two years the company has run into financial difficulties and has defaulted on its loan with Westpac bank. Consequently, the bank has used the powers in loan agreement to monitor the company's activities closely to obtain repayment of its debt. The company must now obtain the bank's authorisation for any expenditure over $5,000 and no changes in operations of the company are permitted, without the bank's approval.
Requirement:
Problem 1: Does Westpac bank have control over Abbott Ltd? Justify your response with reference to AASB3 'Business combinations'.
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