Australia's Siv Capital falls as regulator set to launch case against unit

Siv Capital

10/08/2020 05:05

** Shares of Siv Capital Ltd  SIV.AX  fall as much as 12.31%
to A$0.285, their lowest since May 4 
    ** The commercial equipment rental company says Australia's
corporate regulator accepted an undertaking offered by co and
its unit to commit to a comprehensive remediation program, in
relation to an investigation launched in 2018  urn:newsml:reuters.com:*:nASX6t2QqT  
    ** The Australian Securities and Investments Commission has
investigated a number of light commercial contracts issued by
co's unit GoGetta Equipment Funding, which the regulator says
constituted consumer lending without a credit license 
    ** Siv says ASIC will shortly start proceedings against
GoGetta for alleged breaches in relation to 10 customers who
entered into motor vehicle leases with unit in 2015 and 2016
    ** About 262,917 shares change hands compared with a 30-day
average of 32,025 shares 
    ** Stock on track for second consecutive session of loss;
posts biggest intraday percentage fall since May 15 
    ** Stock down ~10% this year, as of last close 

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))