The receiver of the failed property finance company and mortgage fund manager, Banksia Securities, says it expects to provide investors with "a meaningful return" on their investment.
Banksia's trustee, the Trust Company (Nominees) Ltd, appointed McGrathNicol as receiver and manager last Thursday. Interest payments and redemptions were frozen immediately.
Banksia owes A$650 million to investors. These funds were advanced to borrowers, primarily to finance property purchases.
In a statement issued on Friday, McGrathNicol said: "Banksia has substantial liquid assets....
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