When he MFX took on the loan portfolios I remember saying in view of the then current bad press they would be seen as toxic,if that is now the case there is more bad news to come. No guarantees would have been a due diligence failure. Australians are miners and cricket players not bankers.
Korg, I think you have not studied the interim results closely enough. the fall of 30% in profits is worrying enough, but even this figure is faltering as they have include £224K of anticipated VAT refunds accrued over previous periods to get to this figure.
I also suspect that their bad debt provision could come under pressure some £15 million of unsecured advances!
Not every thing in this particular garden is rosy.
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