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Thousands have their cash frozen after collapse of Banksia Financial Group
Herald Sun ^ | 10/26/12 | Mark Dunn, John Dagge

Posted on 10/25/2012 10:26:32 PM PDT by Kartographer

Thousands of investors are facing hundreds of millions of dollars in losses after the shock collapse.

Julie and Les Bailey, former dairy farmers from Numurkah, say they have potentially lost several hundred thousand dollars invested in Banksia superannuation.

"We have lost all our super," Mrs Bailey said from her Queensland home.

She said it was not only Victorians who were suffering.

Others interstate, including the couple's son, stood to lose significant investments, Mrs Bailey said.

ASIC was allegedly informed about the precarious position of Banksia, and a subsidiary Statewide Secured Investments 18 months ago, according to NSW property developer David Hawkins who was involved in litigation with the firm.

(Excerpt) Read more at heraldsun.com.au ...


TOPICS: Australia/New Zealand; Business/Economy
KEYWORDS:
Trouble down under!
1 posted on 10/25/2012 10:26:35 PM PDT by Kartographer
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To: blam; TigerLikesRooster; LucyT

Ping.


2 posted on 10/25/2012 10:30:55 PM PDT by Jet Jaguar (The pundits have forgotten the 2010 elections.)
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To: Kartographer

It is unclear from reading the article if it was a case of fraud, mismanagement, or trouble with the value of its investments (which sound like real estate).

Australia has been riding high on the commodities boom of the last several years, with property prices and Government spending going up quickly. With China slowing, Australia may be in for a bit of adjustment.

I served with some Diggers in Iraq and love Australia and the Australians, but I am a bit afraid of how they would weather a significant downturn with lefty Gillard in charge - choking off business and spending like a drunken sailor (apologies to drunken sailors who are, after all, spending their own money).

Just like in the rest of the West, they have politicians selling the public socialism by the the shot, because they won’t buy the whole bottle.


3 posted on 10/25/2012 10:57:09 PM PDT by BeauBo
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To: BeauBo

Speaking of bubbles, keep your eye on Vancouver, BC, Canada.

When that China-fed real estate bubble blows watch out below!


4 posted on 10/26/2012 12:44:07 AM PDT by cgbg (No bailouts for New York and California. Let them eat debt.)
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To: cgbg

I haven’t been following that at all.

Can you provide an overview of what the situation is and how it is a China-fed bubble?

Thanks.


5 posted on 10/26/2012 7:56:37 AM PDT by Ghost of Philip Marlowe (Prepare for survival.)
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