Independent admin appointed to stressful cases

Independent administrator appointed to assess stressful cases

Retired banker Dick Brown has been appointed by Grant Thornton, Statutory Managers of Aorangi Securities Limited, as an independent administrator to assess hardship cases for those who have had funds frozen.

In a letter to distressed investors, statutory manager Trevor Thornton said that those investors who need to cover urgent living expenses have been asked to contact Mr Brown.

“He will assess their needs and make recommendations to the Statutory Managers. If they live outside South Canterbury, a suitably qualified person in their area will be identified to make the assessment.

“We know that the placing of the funds into statutory management, and the subsequent "freezing" of the investments, is stressful to many investors. We hope that the arrangements made will lessen that stress,” he said.

Those distressed investors who have urgent living expenses and have not yet contacted the Statutory Managers, should do so.

ENDS

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