EXCLUSIVE

A Current Affair reporter Seb Costello has formally resigned from Nine following a three-month investigation into a wild on-camera chase that ended in the ladies lavatories of a upmarket Melbourne hotel.

Nine launched the internal probe after the star journalist – who is the son of the network’s former chairman and ex-federal Treasurer Peter Costello – was accused of assaulting a finance executive during the wild ‘bounce’ last November.

Costello and his cameraman were stood down by Nine pending the outcome of the investigation, which dragged on over the summer break.

But he told Daily Mail Australia on Friday that he had ultimately decided to step down.

The decision comes after Daily Mail Australia spotted the award-winning journalist meeting with the network’s former chief and Millionaire Hot Seat host Eddie McGuire for advice over coffee in the Melbourne suburb of Toorak on Thursday.

‘After more than a decade at Nine, I have resigned from my role to seek a fresh challenge,’ he said.

‘I would like to thank Nine and wish the team all the best.’

It is unclear whether Nine had formalised the findings of its investigation before Costello decided to resign.

A Current Affair star reporter Seb Costello has sensationally quit Nine following a three-month investigation into allegations he assaulted a finance executive during a wild on-camera chase

The award-winning reporter had been at Nine for 13 years before quitting on Friday

However, a Nine spokesman confirmed it was Costello’s decision to part ways with the media company.

The alleged clash at the centre of the saga unfolded when Costello took property developer Peter Aquino to Oak Capital’s headquarters in Melbourne‘s exclusive Rialto tower on Monday.

They were there to confront the executives Mr Aquino blames for the collapse of his Construct Homes business as part of as long-running investigation into the firm.

But when Costello and Aquino spotted Oak Capital case manager Mo Ahmed, in the foyer of the opulent office block, the finance boss was not taking questions.

Instead, he ran off along the city’s bustling Collins Street and into the nearby Intercontinental Hotel, where he tried to hide from Costello and ACA’s cameras in the women’s loos.

Costello and his crew allegedly followed Mr Ahmed into the toilets where they continued to pepper him with queries about his company’s lending practices.

Oak Capital has since levelled serious allegations against Nine and Costello, accusing the high-profile reporter of assaulting Mr Ahmed after following him into the latrines – while Costello has steadfastly denied any wrongdoing whatsoever.

Ironically, Nine’s drawn-out investigation into the bounce had taken more than three times as long as Costello’s entire investigation.

A Current Affair host Allison Langdon

Costello interviews Nine legend Ray Martin during their time together at the network

The lengthy internal review stands in stark contrast to the network’s comparatively brisk three-day probe into Alec Cullen last month.

The former Today show sports presenter was sacked after he accepted a $50,000 payment into his personal bank account for taking part in a stunt involving Melbourne billionaire, Adrian Portelli.

Accepting cash, gifts or benefits to undermine journalistic independence, and improperly using a journalistic position for personal gain, are breaches of journalism’s code of ethics as defined by the Media Entertainment and Arts Alliance union.

It is understood Costello’s bounce was the culmination of a month-long investigation into Oak Capital by A Current Affair, which also includes an extensive interview with the Australian Securities and Investments Commission deputy chair Sarah Court.

The corporate regulator has also been busy investigating Oak Capital, and is currently pursuing the private credit firm in the federal court for ‘unconscionable conduct’.

ASIC has accused the private credit firm of making 47 loans that avoided credit rules and deprived its clients ‘of important consumer protections, including responsible lending obligations, the right to make a hardship application and protection from being charged excessive fees and interest’.

The regulator claims that borrowers were often in financial distress and that when they defaulted on loans, Oak Capital immediately moved to repossess their homes.

Oak Capital has denied any wrongdoing and indicated it would fight the allegations in court.

Costello’s departure little more than six months after his former chairman father Peter Costello also exited the company

Peter Costello was captured on video during a rough and tumble run-in with a reporter at Canberra Airport last year

‘All our loans comply with relevant laws and industry standards, including the 47 illustrative examples relied upon by ASIC,’ the company said in a statement online.

‘In regards to recent media coverage, Oak Capital refutes all allegations of predatory lending practices. We have always complied with the law and best practices.’

Costello’s exit comes little more than six months his father also stood down from Nine.

Peter Costello was forced to resign as Nine’s chairman in June after he appeared to deliberately knock over a reporter peppering him with questions at Canberra Airport.