Octaviar faces class proceedings
Struggling Queensland-based financial group Octaviar is now facing possible class proceedings from former and current shareholders as it continues to battle winding up orders and demands from creditors.
In an announcement to the Australian Securities Exchange, Octaviar revealed it had received correspondence from Maurice Blackburn Lawyers stating that the claims of their clients total $80 million.
The law firm advised Octaviar that this amount may increase if more shareholders seek to participate.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
