Australia: Banksia Financial Group Collapses
October 26th, 2012Via: Perth Now:
RETIREES, schools and sporting clubs are in shock and fearful about the fate of their investments following the collapse of Banksia Securities.
Thousands of people hundreds of millions of dollars in losses after the shock collapse of Banksia Financial Group. Receivers McGrathNicol took charge of the non-bank financial firm, based in Kyabram in central Victoria, and froze investments on Thursday after the Banksia board found the company faced insolvency.
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