Hubbards not given money in error, say statutory managers
The Hubbards' statutory managers are denying media reports they inadvertently transferred share investments worth $60 million from Aorangi Securities to Mr and Mrs Hubbard.
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The Hubbard's statutory managers are denying media reports they inadvertently transferred share investments worth $60 million from Aorangi Securities to Mr and Mrs Hubbard.
Grant Thornton said the late Allan Hubbard said he originally intended for these shares to be owned by Aorangi and had taken some steps to achieve that.
“Subsequently, Mr Hubbard purported to transfer the shares still recorded as owned by Mrs Hubbard and himself to a number of trusts he had established. The trusts did not pay for the shares and as far as we can see they had no ability to do so.”
The statutory managers say the background to the ownership of the shares was detailed in their June 2011 report to the Aorangi investors.
NBR staff
Mon, 12 Sep 2011
Mon, 12 Sep 2011
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Hubbards not given money in error, say statutory managers
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