Creditors face losses in Aussie brokerage collapse

Another one bites the dust

MELBOURNE – Unsecured creditors caught up in the collapse of stockbroker Opes Prime could lose up to half of their investment say receivers, as more clients seek legal action to prevent the sale of their shares.

Opes Prime, which was involved in the lending and borrowing of securities, owes more than $1 billion ($1.17 billion) to secured creditors – mainly the ANZ Banking Group Ltd and Merrill Lynch.

The accounts of up to 1200 unsecured Opes clients have been frozen.

Read more

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s