Two more Hubbard vehicles in statutory management

Tuesday 21st September 2010

Commerce Minister Simon Power has put another two investment vehicles of businessman Allan Hubbard under statutory management.

Hubbard Churcher Trust Management and Forresters Nominee were added to the growing number of trusts and companies seized by the government. The latest two vehicles hold assets connected with Hubbard Management Funds, and have shareholdings in about 300 companies, according to the Companies Office website.

“The Securities Commission recommended this action to preserve the interests of the beneficiaries of trusts administered by the companies, preserve the interests of investors in Hubbard Management Funds in the public interest, and allow the affairs of the companies to be dealt with in a more orderly or expeditious way,” Power said in a statement.

“The decision to put these two companies into statutory management is a result of the ongoing investigations by the statutory managers.”

Last week, the government added Temple Bar Family Trust and Barns Charitable Trust to the statutory management, which includes Aorangi Securities, Hubbard Funds Management and seven other charitable trusts.

Statutory managers Richard Simpson and Trevor Thornton, of Grant Thornton, flagged more concerns about Hubbard’s Aorangi Securities and HMF in their second report, issued last month, saying the former was too exposed to the dairy sector and the latter was over-valued by at least 25%. Hubbard disputes the findings.

Businesswire.co.nz

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