Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Aorangi Securities investors payments

Aorangi Securities investors payments reach 92 cents in dollar

Aorangi Securities investors have now received 92 cents in the dollar and the Statutory Managers remain confident that they will be able to return most, if not all, of the Aorangi investors’ capital.

“Since the amicable settlement with Mrs Hubbard, reached in April 2013, 77 cents in the dollar has been distributed to investors, taking the total to 92 cents,” said the Statutory Managers in their latest report to investors.

“The return of most, if not all, of the investors’ capital represents an excellent outcome for investors, particularly considering the litigation risk that surrounded the “introduced assets” claim. If the court case had proceeded and been lost, Aorangi investors would have only received an estimated return of 35 cents in the dollar,” concluded the Statutory Managers.

The return of capital to investors is occurring in accordance with the 2010 estimate by Mr Hubbard, in conjunction with the Statutory Managers that it would take 3 – 4 years to return the capital.

In due course, when most if not all of the investors’ capital has been returned to investors and the statutory management of Aorangi ceases by Order in Council, control of Aorangi will be passed back to the director. As part of this process the Governor-General has recently signed an Order in Council that will release Temple Bar Family Trust from statutory management with effect from 20 March 2014.

The next report from the Statutory Managers is expected to be issued in July 2014.

- ends –

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news