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

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news