Banksia investor calls for answers

Banksia Securities investor Barry Taylor has called for more transparency from receivers appointed to the failed non-bank lender.

The Maiden Gully resident said he was owed $430,000 from the Banksia collapse and had no idea how much money he would get back. 

Mr Taylor said he and his wife Jeanne had tried to get answers regarding the funds but had been unsuccessful. 

“We’ve been putting money in for 10 years and we’ve been rolling over the interest,” Mr Taylor said. 

“We’re not getting any answers, except for a few press releases from receivers McGrathNicol.

“We want to know where the fault happened, what sent them into liquidation.

“Were not sure whether we’ll get anything back, but it looks like we might get 10 to 15 cents in the dollar before Christmas.” 

Mr Taylor said he wanted to know what the receivers were charging per hour and was concerned there were “fingers in the pie” for investors’ funds. “It’s people’s pensions we’re talking about,” he said. 

“They’re the ones I feel sorry for, the pensioners.

“We’ll survive, but for some of the pensioners, their lives must have been ruined. 

“One bloke said he only had the money left in his wallet.” 

Mr Taylor, 62, has had to push back his retirement but said his superannuation was invested elsewhere. 

He will attend an information session in Shepparton on December 14 to seek answers on his missing money. 

“I believe the Banksia executives should be fronting the meeting,” he said. 

“They signed an Australian Securities and Investments Commission declaration that said they could meet debts at the end of June, and it’s shortly after that they went insolvent. 

“The hard part is that we’ll also have to declare $27,000 in interest to June and have the taxable amount of that interest to the tax department.”

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