Gippsland lender’s collapse puts town on edge
Anxious: Lea Worseldine and her husband Barry don’t know who to blame. Photo: Simon O’Dwyer
It was written there for all to see in the company’s prospectus. But for the 3500-odd investors in failed Gippsland Secured Investments, the company’s financial woes came as a surprise.
For the mostly farmers, pensioners and small business owners who held money with the non-bank lender, GSI was a trusted institution with a vested interest in keeping the community secure.
But for those with the financial nous to understand the fine print, it had been pushed into the red by a series of bad loans.
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