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.
Relay For Life participants took to Shepparton's Princess Park at the weekend to raise funds for the fight against cancer, support those battling the disease and remember those who have lost their fight.
Fine weather and a strong number of athlete registrations will ensure this weekend’s Yarrawonga Mulwala Multisport Festival is another huge success.
The fifth annual King Billy Retreat Open Garden Party will be held at Rushworth on Saturday and Sunday, October 25-26, from 10 am to 4 pm.
To celebrate National Children’s Week Campaspe shire is hosting an activities day at Apex Park tomorrow with groups providing interesting activities for babies through to kinder aged children.
Maribeth, Angelica, Faye and Reynaldo Dipasupil have become Australian citizens at a ceremony in Echuca recently.
KCLC supported Southern Processing win award
Members celebrate over the weekend.
Berrigan Shire was this week approved for a low interest loan from the state government to undertake flood mitigation works.
Frank Hill is thrilled with his repaired 1948 grey Fergie.
A part of motorsport history comes to Cobram, with local business performing a full restoration of Jack Brabham’s championship F2 BT18.
Sunny skies for Deniliquin Caulfield Cup Day race meet.
NSW has announced an increase in water allocations for Murray and Murrumbidgee irrigators.
Lions Benalla donates $1200 to buy a bar code reader for Lorraine Billman who will soon be able to go shopping without her husband.
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.