Securities Commission says no Botherway conflict of interest

Securities Commission member Simon Botherway. Photo / Dean Purcell

The Securities Commission says it is satisfied member Simon Botherway does not have a conflict of interest in relation to Aorangi Securities, Allan or Jean Hubbard, or the charitable trusts subject to the commission's recommendation for statutory management.

The Government moved on Sunday to appoint statutory managers to Aorangi, and Hubbard, and the trusts after a complaint from an investor. The move is rare and has had ramifications for South Canterbury Finance (SCF), a company associated with Hubbard, but not in statutory management.

The commission said today that Mr Botherway had declared to the commission that he may have a potential interest in matters relating directly to SCF because of previous business dealings between his brother and that company.

But it also said the statutory management order did not apply to SCF. On that basis it was satisfied Botherway did not have a conflict of interest in relation to Aorangi, the Hubbards or the trusts involved in the recommendation.

Reports that Simon Botherway had declared a potential conflict of interest in relation to Hubbard were incorrect, the commission said.

It was reported that SCF placed Jonathan Botherway's hospitality business in receivership last year.

- NZPA