Australia's Sequoia hits nearly 6-year low on legal woes over unit sale

Sequoia Financial

10/04/2026 04:30

** Sequoia Financial Group SEQ.AX slips 13.6% to A$0.190, lowest since June 24, 2020

** Stock set for weakest trading session since November 2025

** Co confirms securities regulator ASIC has commenced court proceedings to seek appointment of receiver over certain property of its unit InterPrac

** Court-appointed receiver to prepare report for ASIC on whether sale of InterPrac is "bona fide" and consideration for the same is fair and reasonable, among others

** In March, co said InterPrac was suing Australian financial ombudsman AFCA to challenge its ruling over financial advice it provided regarding the now-collapsed Shield Master Fund

** More than 682,000 shares traded, 2.9x the 30-day average

** YTD, SEQ down 34.5%

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))