Geneva Finance bows to pressure on related party loans
Lender forced to cut interest rate cap on borrowing from major shareholder at extraordinary general meeting.
Geneva Finance reported half-year profit down 32% at $1.7m.
A related party loan deal at Geneva Finance got across the line at an extraordinary general meeting on Wednesday after the car lender’s board agreed to changes demanded by shareholders.
The company had proposed to borrow around $10 million from its 63% shareholder Federal Pacific Group at interest
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