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.
A former priest and teacher at St Colman's in Shepparton has pleaded guilty to sexually assaulting a 13-year-old student in 1970.
Beautiful weather greeted Tungamah residents for the 18th running of the Tungamah Lions Ten Thousand on Sunday.
When Keith and Marion Grumley and their growing family moved to Tatura on January 18, 1968, little did they know that it would be the start of a long and lasting connection to the town.
Echuca Lion Ken Walter has been presented with the International President’s Medal.
Rochester Tigers take on Rochester United today in the Goulburn Murray Cricket Twenty20 match.
Sorting future of Campaspe pools
Two primary school students have been among just 25 in Victoria to be awarded the Prime Ministers NAIDOC Medal.
Local athletes will go head-to-head with some of the best competitors from around the world in swimming and athletics in December.
Pre-schools in Heathcote and Colbinabbin will benefit from grants announced last week.
Moira Shire Council says 36 cents of every dollar spent on staff costs is 'not an unusual number'.
Works on Edward River Beach to Beach Walk to be completed.
Further redundancies at Victoria’s largest rural water corporation, Goulburn-Murray Water, are possible, with more efficiency reviews being carried out.
Rotary's inaugural Community Policing Award goes to Detective Leading Senior Constable Jenny Parker for her work above and beyond her duties working with victims of sexual abuse.
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