Australia's Solvar slumps on ASIC proceedings against unit

Solvar

17/05/2023 02:31

** Shares of finance firm Solvar Ltd  SVR.AX  fall as much
as 9.4% to A$1.68, set for their worst day since May 12, 2022,
if losses hold
    ** Australia's corporate regulatory body, ASIC, files
proceedings against co's unit, Money3 Loans Pty Ltd, in the
Federal Court of Australia
    ** Co's shares hit lowest since March 29 
    ** Under the proceedings, ASIC alleges that Money3 has
breached its responsible lending obligations in relation to five
consumer loans, among other things, during the period from May
8, 2019 to Feb 18, 2021
    ** Money3 said it will defend the proceedings
    ** Co stock set for a third day of consecutive losses 
    ** Shares up 1.4% YTD, as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))