ASIC Reports increase in investment scams | ASX Market Update

  • Jun 24, 2020 AEST
  • Team Kalkine

Australia’s national public broadcaster, the ABC has today announced it will axe up to 250 jobs and end programs to counter a budget shortfall of $84 million. The network’s website reports that ABC managing director David Anderson has announced 75 per cent of ABC content-makers would be based outside of Sydney by 2025. The network’s travel budget will also decrease by 25 per cent.

Virgin Australia bondholders have put forward a recapitalisation proposal for the struggling airline, seeking to knock out rival offers from two US private equity firms. The proposal was lodged with Virgin's administrator, a spokesman for the bondholders said on Wednesday, two days after Bain Capital and Cyrus Capital Partners made final and binding offers for the airline. The proposal involves a debt-to-equity swap among bondholders owed around $2 billion plus a fresh capital injection of around $1 billion.

ASIC has noted an increase in the number of investment scam reports from Australian consumers and investors during the COVID-19 crisis. From March to May 2020, the reports of misconduct have gone up  by 20% as compared to the previous corresponding period. The growth in the scam was associated with crypto-assets, term deposits, investments and scams that begin through romance sites.

#ASIC #Virgin #Australia #Kalkine


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