Allan Hubbard / South Canterbury Finance fact box

Photo / Dean Purcell

Aorangi Securities Limited
* Owned by Allan and Jean Hubbard
* In statutory management
* Securities Commission complaint of no investment statement and prospectus
* Originally a contributory mortgage company
* Securities Commission says it operated as a finance company
* Serious Fraud Office investigating possible Crimes Act breaches
* 407 Otago and Canterbury investors poured in $98 million
* Allegedly on-lent $134m without adequate documentation
* Statutory management to protect investor interests
* Trevor Thornton and Richard Simpson of Grant Thornton in charge

Seven charitable trusts also in statutory management:
Te Tua Charitable Trust
Otipua Charitable Trust
Oxford Charitable Trust
Regent Charitable Trust
Morgan Charitable Trust
Benmore Charitable Trust
Wai-iti Charitable Trust

Allan Hubbard
* Richlister with $550 million
* South Island's wealthiest man
* Owns majority of South Canterbury Finance
* Ex-SCF chairman, now its president for life
* VW-driver, aged 82, on kidney dialysis
* Arrives at work daily at 6.30am
* Lives in Timaru, major philanthropist
* Married to Margaret (known as Jean)
* Their Aorangi Securities Limited under investigation
* Hitting back at Government probe as "misguided"

South Canterbury Finance Limited
* Not in statutory management
* NZ's biggest surviving finance business
* Majority-owned by Allan Hubbard's Southbury Corporation Limited
* Timaru-headquartered, established in 1926
* 30,000 investors owed $1.3 billion
* Protected by Crown Retail Deposit Guarantee
* Forced to freeze call for funds after Aorangi probe
* Seeking Companies Office clearance on new prospectus and investment statement

Other NZ Statutory Managements
1989: The Chase Group
1994: Peninsula Club
2003: CH Finance property group
2003: International Investment Unit Trust
2010: Aorangi Securities Limited

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