Covering the Goulburn and Murray valleys

Receivers 'confident' Banksia investors to receive at least half

Banksia investors are meeting with receivers in Kyabram today.

TRENT HORNEMAN December 14, 2012 11:20am

Banksia Securities Limited debenture holders are meeting with receivers in Kyabram today.

Receiver Tony McGrath said he was confident investors would receive a minimum of 50 cents in the dollar.

He also told investors the directors, auditors and officers could be held accountable.

Mr McGrath said Banksia had insufficient cash reserves against its loan portfolio and that last year’s profit of $24 million was not enough, placing it into insolvency.

Mr McGrath said receivers will sell off Banksia mortgages to recover cash, with a possible completion date of September.

More to come in Monday's Riverine Herald.

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