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.
Fire destroyed a motorcycle clubhouse on Railway Place in Benalla overnight.
The Yarrawonga Pigeons scored a 20 point victory over the Myrtleford Saints at the JC Lowe Oval in Yarrawonga on Saturday.
The Aboriginal and wider community is mourning the death of revered Bangerang Aboriginal elder, Uncle John ‘‘Sandy’’ Atkinson.
Enter today for a chance to win a share of more than $2500 of fantastic prizes for your baby.
FOUR Rochester residents did more than their bit for women’s cancers mid last month when they trekked 60km around Melbourne to raise funds for the Peter MacCallum Cancer Centre.
Tongala Football Club lost to Rumbalara in the Murray Netball League on Saturday by 14 points.
Four generations of Comi girls this Mother's Day
Berrigan Shire councillor Daryll Morris says he has been sickened by some of the vitriol and personal attacks to surface since the council’s proposal to redevelop Finley’s Memorial Hall and School of Arts site was revealed in October last year.
DESPITE criticism from within the community over a perceived lack of use, the O’Keefe Rail Trail has enjoyed good traffic over the past couple of weeks, with more to come.
The usual yellow and black colours at Katamatite Recreation Reserve will be replaced this Mother’s Day as pink will be the colour of choice.
Jake has babies to thank for surviving cancer.
Fonterra suppliers are reeling after the announcement of a big cut in the milk price from $5.60/kg to $5 for the full current year.
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