PPBAdvisory & Provident Capital Limited
PPBAdvisory & Provident Capital Limited
Provident Capital Limited (PCL) lent to riskier end of the market
Risky profile for retirement investment money
Big loans were massively behind in repayments
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
300 debenture holders attended meeting & interstate hook-up
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
Was the PCL a “ponzi scheme”?
http://www.youtube.com/watch?v=QUdqpwSBZ...
http://www.youtube.com/watch?v=CDWriC4iW...
http://www.youtube.com/watch?v=sLI99-nAn...
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