CBA takes Qld farms

08 Oct, 2012 06:56 AM
Comments
7
 

COMMONWEALTH Bank of Australia (CBA) has taken possession of two rural properties in Queensland purchased for more than $40 million after the company that owned them was found to have acted fraudulently.

The The Australian Financial Review reports that CBA appointed McGrathNicol to the historic Yalanga Station in the Noosa hinterland and a macadamia nut farm on the Sunshine Coast previously owned by former state Labor minister Ken Haywood.

Both of the properties were purchased by Nexis Holdings in 2010.

The company has since been delisted from the Frankfurt Stock Exchange and has failed to pay interest to the CBA on the two rural properties.

Earlier in the year, the Brisbane Supreme Court declared the sale fraudulent and ordered the properties returned to their original owner – subject to the buyer's mortgage still remaining in favour of CBA.

The properties are now likely to be sold for a fraction of their boomtime purchase price.

The 1640-hectare Yalanga Station is one of the largest freehold blocks near Noosa and is used as a mixed farming operation. The macadamia farm has more than 110,000 trees. Colliers International is selling the properties.

The CBA declined to comment but Nexis Holdings director Walter Filler, who was found by a Supreme Court judge this year to have engaged in misleading conduct, says he wants to fight the decision.

Australian Financial ReviewSource: http://www.afr.com
Date: Newest first | Oldest first

READER COMMENTS

Aaron
8/10/2012 3:22:05 PM

There'll be more than a few WA farms in the banks' sights this year too given the drought and frost experienced. Pity those farmers couldn't use their CBH equity to keep the banks happy for another few years or simply retire with a bit of dignity.
Genazzano
9/10/2012 8:31:56 AM

There will be a lot more to come and when the Labor Govrernment brings in the MDBP it will give the trigger to the Banks to move on a lot of farmers and businesses. Read the fine print of your loan agreement and you will fine they have a let out ot sink you
mark2
9/10/2012 10:18:09 AM

You must be completely deluded Aaron. I thought you blokes in the West were all about $40/60 per tonne better off since the abolition of the Orderly wheat marketer? As I and others have reminded you , if you are so far in that you need to flog off the only grower owned and run asset left to you then it's time to get another job.
Aaron
9/10/2012 1:05:13 PM

With all due respect Marc, there are no buyers for the 1000 (of total 4500) WA grain producing units battling away with debt :equity ratios around 50%. That figure would be a lot higher if we were getting East Coast prices. Are you suggesting those growers all found themselves in this situation because they are incompetant? I would have thought a fair number of them are struggling away because of some fairly extreme weather years. If farmers need to leave the industry, they should be able to do so with dignity. Your attitude is arrogant, unsympathetic and hardly helpful to anyone.
Boz
9/10/2012 3:26:48 PM

Gents, This has nothing to do with Governments or banks moving on farmers, this has everything to do with people deliberately defrauding the banks like Filler did. "....after the company that owned them was found to have acted fraudulently.." "......Nexis Holdings director Walter Filler, who was found by a Supreme Court judge this year to have engaged in misleading conduct..." To me it is fraud, not having a go at farmers.
bonedry
9/10/2012 11:31:32 PM

Hi Aaron Be ok to have equity in CBH but some silly bastard would sell it to the competion.It would be ok to have to sell it back to the CBH or other farmers if you had to give up farming.
X AG Socialist
12/10/2012 7:34:24 PM

Your attitude is arrogant, unsympathetic and hardly helpful to anyone. Posted by Aaron, 9/10/2012 11:05:13 AM Poor old Jock has copped a bit of stick from you Aaron , perhaps the genuine farmers could be a little more kind it would not hurt you know.

POST A COMMENT


Screen name *
Email address *
Remember me?
Comment *
 

COMMENTS

light grey arrow
Ain't it marvellous what people can say when they are paid to talk. First she says malnutrition
light grey arrow
In my opinion this matter should be judged in a court of ethics. We are dealing with
light grey arrow
Pub talk only then! That's how it always looked.