A few corrections are required to this report:
1. Investors did not borrow from BAB but from Great Southern. BAB in its wisdom then decided to acquire these loans at a time when Great Southern was already trading while insolvent. The ship was taking in water and they still went out and bought the loans....!! Aren't they supposed to be bankers?
2. BAB has already credit listed hundreds of the people who no longer service these loans
3. However, BAB has not taken up sufficient provisions for bad debt in their accounts. They show a profit of $259mil but did not bother taking up provisions for the increased "defaulters" to the tune of ~$160mil.
4. If BAB thinks they will bankrupt these "defaulters" then they should/must take up a provision for bad debt but..
5. That would reduce CEO Mike Hirst's and his team's bonus payout significantly, wouldn't it?
6. Makes me wonder...
News: Bendigo says it will chase unpaid loans , page-2
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