New appointments to help SCF

Proceeding with a restructuring, South Canterbury Finance (SCF), has announced four executive appointments to re-establish the business on a sound footing.

It also said negotiations were continuing with interested parties to bring new equity into SCF.

SCF's owner Timaru millionaire Allan Hubbard was placed in statutory management by the Government three weeks ago which has compounded the difficulty of restructuring the huge finance company dependent on continuing investment from small investors in its debentures for survival.

Chief executive Sandy Maier yesterday announced the appointment of Dean Clark, who has had extensive international banking experience in New Zealand, Australia and the United Kingdom, as general manager of SCF, its "good bank".

Clark has spent the last 22 years with huge international Dutch bank Rabobank. His last role was head of business banking in Rabobank's Sydney division.

Chartered accountant Garry Sue will take up the appointment of head of internal audit to establish new risk management, audit and monitoring systems. He was previously head of audit for the ASB group of companies. He has broad experience in the banking, insurance and funds management industries within large complex corporate environments. His leadership in audit and risk was acknowledged by being awarded "Internal Auditor of the Year" in 2008 by the NZ Institute of Internal Auditors.

Mike Coburn, a professional director with a lot of experience in residential development, has been appointed senior adviser to Maier specialising in real estate.

SCF has a significant number of bad property development loans.

Des Hammond, a restructure specialist, has been appointed to advise Maier on SCF's investment portfolio which includes Helicopters New Zealand, Scales Corporation, South Island Dairy Farms, Dairy Holdings and other assets.

- © Fairfax NZ News