A group set up in the wake of Banksia Securities Limited’s crash last month met to discuss the matter on Monday.TRENT HORNEMAN November 8, 2012 4:23am
A Victorian Government working party set up in the wake of Banksia Securities Limited’s crash last month met for the first time on Monday.
The group, headed up by Victorian Deputy Premier Peter Ryan, will call on the State Government to consider forms of support for individuals and groups affected by the collapse.
Banksia Securities Limited went into receivership on October 25, owing investors about $650 million.
Last week another Banksia Financial Group business, Cherry Fund, also went into receivership, with investments of about $10 million.
Assistant treasurer Gordon Rich-Phillips, Member for Northern Victoria Wendy Lovell and Member for Rodney Paul Weller joined representatives from Campaspe Shire, receivers McGrathNicol, Australian Securities and Investments Commission and the Municipal Association of Victoria at the meeting.
ASIC representatives told the meeting the Federal Government was responsible for the regulatory oversight of Banksia and matters relating to its collapse.
Banksia receivers McGrathNicol told the group early data indicated the prospect of a meaningful return to investors, which it had announced more than a week ago.
The meeting also heard of the community impact from local government representatives present.
Regional Banksia investors continue to wait on news of a meeting with receiver McGrathNicol and when any returns will be paid. Customers are waiting for an explanation from authorities for the collapse.
Police abandoned a pursuit near Shepparton East for safety concerns after the pursued car reached speeds of 140km/h.
Some of Australia’s best kayakers were in Yarrawonga on Sunday at the annual Yarrawonga-Mulwala Canoe Club’s Murray River Classic kayak race.
Volunteers at St Vincent de Paul in Tatura continue to be dismayed at the amount of unsuitable items dumped at the centre in Francis St.
Budding basketballer Krystelle Lloyd will represent Australia at the Special Olympics World Games in Los Angeles this year.
Corop’s Clem Furphy received an Order of Australia Medal for his service to health care and the Goulburn Valley community in this year’s Australia Day honours list.
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New tourism venture, Old Woperana Working Farm and Animal Nursery, is now open to the public.
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