ASIC inquiry follows Banksia collapseGEOFF ADAMS November 6, 2012 4:02am
The Banksia Securities collapse and the subsequent failure of another associated company has sent shockwaves through the financial services industry.
The Australian Securities Investment Commission has launched an inquiry, the Rural Finance Corporation is offering information on a hotline and organisations including Campaspe Shire Council have offered support for investors.
Banksia Securities was placed in receivership on Thursday, October 25, after the company sought help fearing it was insolvent or about to become insolvent, and more than $600
The receiver, McGrathNichol, has suggested investors could receive a ‘‘meaningful’’ return on their investments, but they say it is too early to say what that figure will be.
Rural Finance Corporation has offered to take calls from regional people affected by the Banksia collapse on a hotline. Corporation chief executive Rob Goudswaard said last Friday they had received a modest number of calls.
‘‘About 90 per cent of the calls are making sure they understand the facts and clarifying the position of debenture holders,’’ Mr Goudswaard said.
One call required a reference to a counselling service.
Mr Goudswaard said investors may have become more comfortable with the Banksia companies because they developed in the region and had been well known for some time.
However, he said a common rule for investing was that higher returns were usually accompanied by higher risk.
‘‘Some people will go for higher returns and may not appreciate the risks.’’
Banksia was founded in Kyabram and over the years has attracted large investments from the rural and farming community in the region.
In the last financial year, the annual report records Banksia had a total of $691
Auditors signed off on the accounts on September 27.
Banksia office holders were: chairman Peter W. Keating; managing director Patrick J. Godfrey; directors Nicholas L. Carr, Neil S. Mathison and G. Grenville Skewes.
Mr Godfrey is no longer managing director but remains a director.
Geoff Adams holds a small investment account with Banksia Securities.
Children enjoy sixth Shepparton Community Reading Day at various locations in central business district.
Living with a disability will be in the spotlight on Wednesday, December 3 when community organisations compete in an ‘all abilities’ challenge through the streets of Yarrawonga.
Last week Victorian Collections passed a major milestone, with the 50000th historical object record from the state’s heritage collections uploaded to the site.
Hundreds flocked to Gunbower on Sunday to watch the Gunbower Pacing Cup.
The Christmas decorations exhibition at the Rochester Shire Hall was a hit with many visitors.
Local recovering after workplace injury
Simone Robson and her young daughter shouldn't even be alive - but she has found a remarkable form of rehabilitation that could lead on to something much bigger.
No luck for Finley in Murray Valley cricket.
Tayla Edsall has donated her long locks to the Cut for Cancer program, which makes wigs for cancer patients.
Cobram entrant joins hundreds starting the Massive Murray Paddle.
Deniliquin business Charlie Carp attracts international interest.
A spring Future Orchards walks will be held at Coomboona on Friday November 28 from 9.30am.
Top price was a pen of first-cross border leicester/merino ewes offered by Tony and Anne Mort of ‘Mardie’, Winton and purchased by Heath Cowell of ‘Mundara’, Tallarook for $208.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.