Two more Hubbard trusts in statutory management

An investor group is accusing South Canterbury Finance of recklessly taking advantage of the Government guarantee scheme. Photo / Dean Purcell

Two further trusts established by Allan Hubbard have been put into statutory management, Commerce Minister Simon Power announced today.

The Temple Bar Family Trust and Barns Charitable Trust were put into statutory management on recommendation from the Securities Commission.

The Commission made the recommendation after receiving a report from the statutory managers of Aorangi Securities, another of Mr Hubbard's companies.

Aorangi Securities, seven charitable trusts, Mr Hubbard and his wife, Jean, were put into statutory management on June 20.

The two trusts named today hold shares which are recorded as assets in Aorangi's financial statement.

Mr Power told Cabinet of the recommendation today and the Governor-General made the Order in Council.

Graeme McGlinn has been appointed as an additional statutory manager for all corporations connected to Mr and Mrs Hubbard, including the trusts.

Richard Simpson and Trevor Thornton were also statutory managers.

Mr Hubbard was also the founder, and chairman for life, of South Canterbury Finance which was put into receivership last month with taxpayers paying out $1.6 billion to investors under the retail deposit guarantee scheme.

- NZPA