Provident Capital leaves 3500 investors in limboBY MELANIE TIMBRELL | FRIDAY, 6 JUL 2012 12:20PMThe collapse of Sydney-based mortgage lender and fund manager Provident Capital has left 3,500 retail investors at risk of losing more than $100 million.
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I am wondering what is going to happen to debenture holders like myself. Are we going to loose our money which was invested 12 years ago?.
Shirlee, it will depend on the recoverable outcome. If you have invested for 12 years you may well have received back more than your original capital in distribution payments over that time. I wouldn't bank on receiving 100 cents in the dollar back. Collapses if this type rarely end well. See what the receiver says.
I invested only this year end of Feb and there was nothing to suggest PCL a company of 14 years was in any trouble, in fact the contrary applied with the rating upgrade. Surely an investment product must be presented by the company to potential investors with truthful transparent up to date information. I feel like I was conned or for a better word "scammed" by the whole process from the webpage information to the salesperson I spoke to.
very dissapointed on the feed back coming from the recievers . a lot of investers rely on monthly payments to keep them going.
Hey, i just read the information booklet of PCL and it says something about the security of the investments. I invested back in December seeing the ratings, was everyone sleeping when the company was openly advertising the products, now suddenly in receivership , there is no one we can turn to. what will happen with my hard earned money? Are we living in a third world countries, isn't there any protection provided, who to turn to? Let's form an association of the investors and lets meet regularly and pressurise them to release atleast our principal investment lest the interest, hey respond to this thread, spread the word and lets plan the strategy maybe a facebook page? Is there only 4 of us who is affected, where are the others please respond here and give your ideas