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BFCSA: Banksia Debenture Holders being left in the Dark.....yet again

Posted by on in Consumers Fight Back
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It appears that Banksia Securities Limited may have been insolvent for a period of time and suggested as being so, since the GFC.  Where has the Australian Securities and Investment Commission ("ASIC") been all this time?  They were certainly not present for the Receivers meetings on the 14th December.  In any case is it not time for those affected to be better informed by the holding of a 1st CREDITORS MEETING?

Is it true that directors withdrew large amounts of funds from the kitty just prior to handing over the keys?  All these mostly elderly creditors want is a modicum of TRUTH right now as to what had really taken place during the past five years in particular.

I will be attending the next most important meeting on behalf of some of our hundred or so investor members.  There are victims of the collapse of Banksia Securities, all over Australia yet, unless you live in Victoria, the chance to ask questions is non existent.   

Receivers are concerned that auditor negligence and conflicts of interest are prevalent after opening up the books for the first time.  Debenture Holders are stunned at the number of inter party loans.  Why did ASIC allow this vehicle to raise funds for so long after it knew that the entire structure was most likely a PONZI structure, and had been for some time.

I have heard from people who placed funds in this sinking ship just a month prior to the doors closing.  What is urgently needed is a competent regulator that understands the duty of consumer protection.  

Banksia Debenture Holders have been fleeced for an apparently long time and now are left to fend for themselves   BFCSA will actively group these people together in order to thoroughly investigate the timelines and seek out the truth as to who knew what and when.

ASIC raised concerns in May but admitted concerns years ago.  If there are to be class actions, my advise is to hold back and then demand ASIC foot the bill for funding such action.  Do not get caught with other party costs in the event of a loss of a litigation.

If Directors have manoeuvred funds during the past few months to the detriment of debenture holders, then the aggrieved have a right o know.  The sooner the better.

Next questions will be: "Will ASIC be laying charges?  Have those funds been clawed back?  Do the Directors have any equity left in their properties?  Have they sent funds overseas in the past 12 months?

YES we have a number of questions on behalf of Banksia victims.

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  • doyla66
    doyla66 Wednesday, 02 January 2013

    Allan & Carol Ohlin

    The main offices of Morrison & Sawers, Dawes & Vary, Sheridan Partners, Advanced Computing Besides Banksias own office complex are all owned by Banksia. Who holds the morgages on these buildings?

  • doyla66
    doyla66 Friday, 04 January 2013

    Many thanks Denise for your support to all those caught up in the fraud
    You seem to have relevant question to be answered and hopefully these will be
    The Receivers seems to be avoiding them
    I would like to know how, with $150 million in cash and reserves, why it was not able to be kept a viable concern?
    How did it get like this when the loans given out were only to 50% of the valuation of the properties

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