Two further Hubbard trusts put into statutory management

Monday 13th September 2010 1 Comment

The government has today placed two more trusts established by South Canterbury Finance’s Allan Hubbard into statutory management, Commerce Minister Simon Power has announced.

They are Temple Bar Family Trust and Barns Charitable Trusts.

“The decision to put the trusts into statutory management follows a recommendation from the Securities Commission, which made its recommendation after receiving a report from the statutory managers of Aorangi Securities,” Power said.

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

Temple Bar Family Trust was established in 1983, while Barns Charitable Trust was established in March this year.

The Securities Commission consulted Hubbard's legal representatives before it made its recommendations and they were advised this afternoon of the Government's decision.

The Government has appointed Graeme McGlinn as an additional statutory manager of all corporations connected to the Hubbards.

Businesswire.co.nz

Comments from our readers

On 13 September 2010 at 7:31 pm antoni said:

Sad.