As a seasoned lifestyle expert with years of experience navigating the complex world of media and finance, I find myself deeply troubled by the recent events unfolding at Channel Nine and Oak Capital. The alleged overzealous filming by A Current Affair‘s crew, if proven true, is not only unprofessional but also potentially damaging to the reputation of both parties involved.
The team members from A Current Affair are said to be temporarily suspended while Channel Nine conducts an internal inquiry into the matter.
According to The Age, Oak Capital’s Mo Ahmed has alleged that reporter Seb Costello and his team were too enthusiastic with their camera work during a segment filmed on Monday.
It’s reported that they were shooting a piece concerning finance company executive Peter Aquino, who was compelled to shut down his business Construct Homes following loans taken from Oak Capital.
The Melbourne private credit firm are being sued by the Australian Securities and Investments Commission (ASIC) over allegations of ‘unconscionable conduct’.
During the filming of a segment about the disagreement, it is said that ACA’s Costello and his film team chanced upon Oak Capital executive Ahmed and trailed him to the adjacent Intercontinental Hotel.
It’s been reported that Ahmed went into a bathroom, locked himself inside a stall (specifically, a toilet), while Costello and his ACA team are claimed to have pursued him afterwards.
It’s been reported that legal measures have been initiated against the Nine Network due to an alleged occurrence. However, the network maintains that the accusation lacks any solid foundation.
A representative from Nine stated to Daily Mail Australia: ‘Although we’re cognizant of various accusations leveled against our company by someone who represents a business involved in litigation initiated by ASIC, we firmly hold that the legal suit lacks merit.’
The questioned video recording hasn’t been broadcasted yet, and it can’t be viewed through ACA’s replay service.
According to Aquino, he expressed his deep gratitude to both ACA and Seb Costello for their part in the incident.
‘Losing my business was like losing my child.’
The Australian financial watchdog has initiated a lawsuit in the Federal Court against Oak Capital, due to accusations concerning their lending methodology.
Reports indicate that the ASIC alleges Oak Capital acted unscrupulously, attempting to bypass the National Credit Code, in providing approximately 47 loans amounting to over $37 million between March 2019 and October 2023.
According to the ASIC, Oak Capital’s personal loans to 72 customers featured interest rates that varied from 11.6% to 23.2%, and additional fees ranging from 2.2% up to a maximum of 50.1%.
It’s additionally claimed that Oak Capital’s loaning approach, where a company had to act as the borrower, seemingly circumvented the National Consumer Credit Protection Act.
‘ASIC is monitoring closely, and if necessary, ASIC will intervene.’
With a rising number of Australians seeking financial aid, they are progressively attracting the unwanted attention of what’s termed as exploitative or predatory lending practices.
‘We see it most commonly when lenders impose unfair high interest rates and fees.’
Daily Mail Australia has contacted Oak Capital for comment.
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2024-11-29 07:03