Full payout closer for Aorangi investors

FAIRFAX NZ
Last updated 12:08 21/02/2014
Allan Hubbard
JOHN BISSET/Fairfax NZ
MONEY MAN: South Canterbury financier Allan Hubbard.

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Aorangi Securities' statutory managers remain confident that they will be able to return most, if not all, of the investors' capital, with the latest payments bringing investors payments up to 92 cents in the dollar.

Grant Thornton released its 15th report on Aorangi Securities today. Allan and Jean Hubbard's private investments companies, HMF and Aorangi, were placed in statutory management by the Government in June 2010.

Mr Hubbard died in a car crash on September 2, 2011.

Mrs Hubbard and the Hubbard estate had initially contested Aorangi's ownership of $60m worth of assets, but this action was resolved out of court and will allow Aorangi investors to get close to 100 cents in the dollar back.

''Since the amicable settlement with Mrs Hubbard, reached in April last year, 77 cents in the dollar has been distributed to investors, taking the total to 92 cents,'' the statutory managers said in their latest report to investors.

''If the court case had proceeded and been lost, Aorangi investors would have only received an estimated return of 35 cents in the dollar.''

The next report from the statutory managers is expected to be issued in July.

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- The Timaru Herald

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