Investors having trouble meeting living expenses because of the statutory management of Allan Hubbard's Aorangi Securities Ltd now have a mechanism set up by the statutory managers to address their needs.Retired banker Dick Brown has been appointed by Gra
Investors having trouble meeting living expenses because of the statutory management of Allan Hubbard's Aorangi Securities Ltd now have a mechanism set up by the statutory managers to address their needs.
Retired banker Dick Brown has been appointed by Grant Thornton, the statutory manager of Aorangi Securities, as an independent administrator to assess hardship cases for those who have had funds frozen.
In a letter to distressed investors, statutory manager Trevor Thornton said that those investors who needed to cover urgent living expenses should contact Mr Brown.
He will assess investors' needs and make recommendations to the statutory managers. For investors outside South Canterbury, a suitably qualified person in their area will be identified to make the assessment.
"We know that the placing of the funds into statutory management, and the subsequent 'freezing' of the investments, is stressful to many investors. We hope that the arrangements made will lessen that stress," Mr Thornton said.
Those who have urgent living expenses and have not yet contacted the statutory managers, should do so, he said.
The government placed Aorangi Securities, seven charitable trusts, Mr Hubbard and his wife Jean in statutory management on June 20.
Mr Thornton and Richard Simpson of Grant Thornton were appointed as statutory managers. The Serious Fraud Office is also investigating.
In July the statutory managers said letters were being sent to the more than 400 investors in Aorangi Securities to confirm details of their investments.
The managers have said the needs of the Hubbards were being taken care of.
Separately nearly $40,000 had been raised from the public to help Aorangi investors most in need, a spokesman for the Hubbard Support Fund Trust, John Funnell, said yesterday, according to the Otago Daily Times newspaper.
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