A support group has been put together for people who lost money in the collapse of Banksia Securities.
PEOPLE suffering from the collapse of Banksia can turn to a new support group for help.
The group will hold its first meeting in Warrnambool next Monday, organised by local businessman and Banksia investor Russ Goodear.
Mr Goodear said many residents from Warrnambool and the south-west had been doing it hard since Banksia Securities went into receivership late last year.
“Local people from all walks of life have been affected — pensioners, business owners, farmers, young couples and mum-and-dad investors,” he said.
“A large number of people have expressed to me the need for a support group for Banksia investors.
“The Banksia incident has affected different people in different ways, ranging from anger, grief, despair and loss.
“Some of the investors are suffering extreme financial hardship.”
Mr Goodear said the support group would give those affected by Banksia’s collapse an opportunity to talk about their concerns.
“It will also provide the opportunity to organise guest speakers on a range of topics, to help support the investors and help keep them informed of any developments.
“There is strength in numbers and at the first meeting I will seek ideas from the group on exactly what kind of support they might want,” Mr Goodear said.
“According to my sources, this whole Banksia situation is going to take some time to sort itself out, so hopefully the support group can assist the investors in some small way through a difficult period of their life.”
Mr Goodear said the support group would be particularly useful during the class action legal case that has been launched against the directors and auditors of Banksia Securities.
He said the group would arrange for solicitors and accountants to explain the various stages of the process.
“I have spoken to Mark Elliott, tahe solicitor running the Banksia class action, and Mark has agreed to talk to the group in the near future,” Mr Goodear said.
He said Mr Elliott had also indicated people would be able to get information about the class action from next week at the website www.banksiaclassaction.com.au
Next Monday’s meeting of the support group will be held at the City Memorial Bowls Club from 5.30pm.
It is for Banksia investors only and there will be no charge.
ehimmelreich@fairfaxmedia.com.au