Posted On: March 22, 2012
Australian retirees have blown billions of dollars in agriculture based managed investment schemes, banking on crops like olives, grapes and avocados to see them through their twilight years. A string of recent collapses has lead the Australian Securities and Investments Commission (ASIC) to toughen it’s guidelines on agriculture based managed investment schemes, however these reforms only apply to new schemes or existing schemes looking to raise further capital. A case of ‘buyer beware’, agribusiness expert Sam Paton argues ASIC’s reforms do not go far enough to protect share holders from financial failure and recommends all agriculture based managed investment schemes be scrapped.
To watch the full news segment which aired on ABC’s 7:30 Report, click here.