The monopoly cash-in-transit business had previously warned it was losing too much money to operate. Now it has assured the RBA it will continue its services.
Already a subscriber?Armaguard, the monopoly cash transit business owned by billionaire businessman Lindsay Fox, has rejected an emergency $26 million funding deal from major banks and retailers, after refusing to open its books for due diligence.
“Armaguard confirms it is working constructively with all its customers, including its retail customers, banks and other key stakeholders, regarding both short-term and long term financial solutions for the industry to remain sustainable,” Mick Cronin, Armaguard’s chief executive, told“Armaguard continues to operate its full suite of services and is confident that over the coming months, it will get the business onto a long term sustainable footing with appropriate support from the industry,”...
These included a commitment that Armaguard would use the funds for the intended purpose, which was to support continued operation of the cash services business, and not to transfer any money to related Linfox companies.
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