A Gold Coast company targeted in a payday-lending regulatory investigation has reinvented itself as a business running daily cash-draw prizes of $250 for members paying as little as $5 a week.
The new operation for Cigno Australia, overseen by a former Super Rugby player, started in April but its director tells AFR Weekend the venture will be shut down following “unrelenting scrutiny” from the corporate regulator.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
