Banksia Financial Group bites the dust

[ASICK]

http://www.smh.com.au/business/property/banksia-lost-out-on-developer-loans-20130326-2gsir.html

 

[k.smith]

''....The financial regulator is proposing tougher rules on non-bank finance companies that accept retail deposits after a string of collapses in the "shadow banking" sector....''

Read more: http://www.smh.com.au/business/crackdown-on-shadow-banking-20130419-2i4jn.html#ixzz2QtBqf9wN

The APRA document can be read here
http://www.apra.gov.au/MediaReleases/Pages/13_09.aspx

 

[k.smith]

https://www.netwealth.com.au/librarymanager/libs/41/netwealth_list_of_suspended_funds.pdf

 

[DavidJimenez]

Re: Keepin' the Thread Alive

Agree , Directors are personally liable under Corporation Law, and this mob will probably be sued to the hilt, up to and way beyond their insurance levels.

Generally though directors often have passed their wealth on to various partners, children, hookers, parents, or grandparents.

So the Banksia victim's money may at this very moment be tucked in to some lingerie, with or without mothballs.

gg

it is cause of shame but still most directors passed there wealth to various partners and on family members. I think there is nothing wrong in it

 

[DavidJimenez]

Re: Keepin' the Thread Alive

Agree , Directors are personally liable under Corporation Law, and this mob will probably be sued to the hilt, up to and way beyond their insurance levels.

Generally though directors often have passed their wealth on to various partners, children, hookers, parents, or grandparents.

So the Banksia victim's money may at this very moment be tucked in to some lingerie, with or without mothballs.

gg

it is cause of shame but still most directors passed there wealth to various partners and on family members. I think there is nothing wrong in it

What is your opinion friends?

 

[basilio]

Very important story from the ABC on the fallout from the Banksia securities class action case.
Long story short. Banksia ripped $660 m from investors in its collapse.
There was class action taken against directors which resulted in a $64m payout.
However the shareholders were taken to the cleaners again by the litigators who took $20m of the payout with inflated and fabricated accounts.

Class actions are meant to help level the playing field. So how did this one go so wrong?

After a decade, retirees who lost money in the collapse of Banksia Securities Limited are a step closer to getting their money. But the story remains an epic tale of the rich and powerful exploiting their standing to rip off the vulnerable, writes Adele Ferguson.

www.abc.net.au