Hankin’s Death to Affect Banksia Probe

The death of Ian Hankin, the former chairman of Banksia Financial Group, is likely to affect the probe surrounding the collapse of the financial company.

Hankin died on Aug. 8, just a few weeks before Banksia Securities collapsed. His BMW figured in a collision with a truck in western Victoria.

In July 18, Hankin also figured in another accident when his Mercedes-Benz collided into a truck near Scotsburn. Hankin only suffered minor injuries.

The Ballarat Highway Patrol is currently reviewing the accidents to determine whether these should be referred for a coronial inquiry.

Aside from being chairman of Banksia Financial Group, Hankin was also a partner at Heinz & Partners, where he worked with managing partner Graeme Hills.

Heinz and Banksia formed Banksia in 1999 after the merger of four finance companies. These include Hedon Investments, the finance company of Heinz. Hankin was Hedon chief executive at the time of the merger.

He became chairman of Banksia in 2004 and stepped down in 2009.

Hankin’s death in August places a dark cloud over the inquiry of Banksia’s collapse as he would no longer be interviewed to shed light on the operations.

ASIC commissioner John price is currently heading the task force and is working with Banksia receivers.