Major takes back $40m properties

by Caroline Dann08 Oct 2012

CBA has taken possession of two rural Queensland properties worth $40m, after the company that owned them was found guilty of fraud.

The historic Yalanga Station near Noosa, and a macadamia nut farm on the Sunshine Coast were both purchased by Nexis Holdings in 2010.
It failed to pay interest to CBA, and subsequently the sale was declared fraudulent by the Brisbane Supreme Court.
It's alleged the properties will now sell for a fraction of their purchase price.