6 Nov 2012

Banksia investors may get some money back

5:27 am on 6 November 2012

A working group set up by the Victorian government to monitor the impact of the collapse of Banksia Securities has heard that investors may get some money back.

Banksia went into insolvency on 25 October owing $A660 million to about 3000 investors, mainly in regional Victoria.

AAP reports a working group chaired by state deputy premier Peter Ryan was given an overview on Monday of the regulatory situation by the Australian Securities & Investments Commission.

McGrathNicol told the meeting that early signs indicated the prospect of a meaningful return to investors.

Banksia chairman Peter Keating said the board is working with McGrathNicol to achieve the best outcome for investors, employees and shareholders.