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.

Bill Kelty, the former Australian Council Of Trade Unions secretary negotiating on behalf of Mr Fox, told Reserve Bank governor Michele Bullock at a meeting on Wednesday that the cash transit firm had secured extra funding from its parent company, Linfox – which it had previously told banks that the transport group did not want to provide.