Provident Capital Limited (Receivers & Managers Appointed) Debenture Holders Meeting 13 8 2012
Provident Capital Limited (Receivers & Managers Appointed) Debenture Holders Meeting 13 8 2012
PCL lent to people who couldn’t borrow money from elsewhere
Now liabilities are greater than assets
29 June 2012 PCL placed into receivership
Loans to commercial, residential, construction & rural developers
Debenture Holders lent $130M
PCL made 110 loans & 90% of these now bad & in arrears
$51.1M loans in arrears for more than three years
120 debenture holders attended meeting
Largest loan is $22.4M, and four years in arrears
There are 3,500 PLC debenture holders
PPBAdvisory are PCL receivers and managers, they get paid $620 per hour
Meeting asked: Was the PCL a “ponzi scheme”?
http://www.youtube.com/watch?v=QUdqpwSBZ...
http://www.youtube.com/watch?v=CDWriC4iW...
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