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

 


Repayment to investors in Hubbard's Aorangi reaches 92%

Repayment to investors in Hubbard vehicle Aorangi reaches 92 cents in the dollar

Feb. 21 (BusinessDesk) – Repayments to investors in Aorangi Securities, one of the failed vehicles in the stable formerly run by Timaru businessman Allan Hubbard, have climbed to 92 cents in the dollar, say the statutory managers, Grant Thornton.

An amicable settlement reached last April with Hubbard’s widow, Jean, had saved investors the potential for extended litigation and might have limited returns to investors to an estimated 35 cents in the dollar, whereas they were now likely to receive full reimbursement, the firm said in a statement accompanying its 15th report on Aorangi.

The report includes detail on the related Te Tua Charitable Trust, and shows that the statutory managers’ fees and payments for legal advice relating to Aorangi and Te Tua to date total $10.7 million.

Progress to date was consistent with the expectation at the time of the statutory management being implemented in 2010 that realisations for investors would take three to four years.

In the last six months, a significant investment in a group of mid and South Canterbury farms had been concluded, along with a number of other sales and early repayments of loans.

Former Commerce Minister Simon Power appointed the statutory managers of various Hubbard entities, though controversially left out Allan Hubbard's primary entity, South Canterbury Finance.

SCF ultimately cost the taxpayer an upfront bill of $1.7 billion when it failed and called on a government deposit guarantee scheme created to protect investors during a spate of finance company collapses in the late 2000s. Former directors and an executive of SCF will stand trial for an alleged fraud at the lender next month.

Hubbard died in a car crash in 2011 facing fraud charges relating to his management of Aorangi.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news