Steadfast Groups’ share price falls 6.14% to $5.96 ahead of a Four Corners report alleging the company misled its clients
Major strata insurance brokerage company and underwriter, Steadfast Group, has suspended trading on the Australian Stock Exchange after reports the company had allegedly misled its clients. Steadfast denies the allegations., that undisclosed financial arrangements between insurance companies, brokers and strata managers were driving up the cost of insurance for owners.
In a statement to the ASX, Steadfast requested the trading halt until it had made a statement in response to the ABC’s story, or the opening of trade on Wednesday morning, whichever came first. “There are a set of hidden arrangements that are … not disclosed, but also circumvent disclosure of fees,” Cass-Gottlieb told the ABC.Free daily newsletter
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