Oxford goes under

Oxford goes under

Oxford Media, one of the first Australian companies to develop and market an Internet electronic payments system, is in liquidation, owing millions to its creditors.

Lauchlan McIntosh, a partner with Brisbane liquidator Clout and Associates said: "The total sum owed by the two-year-old company is about $3.5 million, of which $7000,000 is being sought by local creditors."

Despite Oxford Media's liquidation, a Cybank secure electronic payments system continues to serve customers through a Web site in Kuala Lumpur owned by a company called Oxford Media Sdn Bhd.

McIntosh has also traced ownership of Cybank's source code to a company set up in the Cayman Islands.

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