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FINWIRES

Federal Court Fines Solvar Unit Receives AU$1.6 Million

-- Solvar (ASX:SVR) said that the Federal Court of Australia ordered the firm's unit Money3 Loans to pay a pecuniary penalty in the sum of nearly AU$1.6 million, according to a Monday Australian bourse filing.

The court's decision was in relation to the penalty payable for the contraventions of the National Consumer Credit Act during the period from 2019 to 2021.

"Since the period in question, Money3 has invested further in its governance, complaints, hardship, and underwriting practices," Solvar Chief Executive Scott Baldwin said.

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