SHARON Kelly wants to see justice done over the collapse of Banksia Securities.
Mrs Kelly, a Banksia investor, has welcomed the recent decision by Banksia’s receivers to instigate Victorian Supreme Court action to question a number of people about the company’s collapse.
“They should be hauled over the coals,” Mrs Kelly, of Hawkesdale, said of those responsible for the collapse.
“I think they should be scrutinised,” she said.
“I wish the authorities had stepped in earlier.” Banksia receivers, McGrathNicol, announced yesterday it expected to bring a number of people to the Victorian Supreme Court to question them about Banksia Securities Limited (BSL) and the associated Cherry Fund Limited (CFL).
Mrs Kelly had only $7000 invested in Banksia when it collapsed but losing it meant her family had a lean Christmas.
It forced Mrs Kelly and her husband had to cancel a Christmas holiday as well as overseas school trips for two of her children.
Mrs Kelly, a casual worker, said she had been forced to seek more work. McGrathNicol said it had been granted approval by the Australian Securities and Investments Commission (ASIC) to seek the court action which would “assist in our investigations and consideration of whether recovery action should be commenced.”
A spokesman for the receivers declined to give details on which people had been asked to appear in court.
ASIC said it had authorised the receivers, under sections 596A and 596B of the Corporations Act 2001, to make application to the Supreme Court to summon witnesses for questioning.
Commenting on the separate class action that has been launched against BSL and CSL and their directors and auditors, the receivers said it might be more appropriate for BSL and CSL to pursue “certain individuals and causes of action” rather than investors.
In other developments, a Banksia investors support group will have its first meeting at 5.30pm Monday at the City Memorial Bowls Club in Warrnambool.
McGrathNicol partner Matthew Caddy will be at the meeting to answer questions about the update.