A company spruiking a land banking scheme in Maiden Gully has gone into liquidation, potentially costing investors millions of dollars.
A provisional report, prepared by Deloitte prior to liquidation in March, reveals investors will likely only see a small fraction of the $3 million sunk into the Bendigo Vineyard Estate Pty Ltd project.
Under the scheme, investors bought the right to bank land in a proposed development, but liquidators say it was unlikely to have ever come to fruition, and appears to have allowed Bendigo Vineyard and related companies to pocket the money.
It appears that Bendigo Vineyard raised funds from investors for a development that was unlikely to gain approval in the next 15 years and for which there would be doubts …
Read the full article at: http://www.bendigoadvertiser.com.au/story/3822858/maiden-gully-land-banking-company-liquidated/