THERE are many people asking how the Banksia collapse could have happened and where the government watchdog was as the company slowly unravelled.
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The company collapsed with debts of $663 million after being given a clean bill of financial health from a Bendigo auditor only weeks earlier.
Most of those who lost out were pensioners and retirees.
Like Strathfieldsaye resident Jim Stein.
Mr Stein lost about $130,000 in the collapse.
Now he’s fighting for answers.
He wants to start a class action group against Banksia and those who appear to have caused the collapse.
Good on him for not only sticking up for himself, but for others who have lost the chance to live a decent retirement.
Burnt Mr Stein said he already had about seven people keen to join the class action group.
They are people who are sick of hoping for answers and tired of trying to follow the Banksia money trail.
It’s probably too early to know what happened with the collapse.
But if it was caused by mismanagement, the people behind that should be held accountable.
People like Mr Stein, and victims of other company collapses, are sick of their money being used like an open wallet by those they trust.
Good on him for sticking up for himself.
Hopefully he can get some clear answers.
