Crown takes on residual assets of South Canterbury Finance

Fri, 01 Jun 2012

June 1 (BusinessDesk) – The tidying up of the South Canterbury Finance debacle continues with the Crown taking over residual assets as earlier signalled. Receivers Kerryn Downey and William Black of McGrathNicol said remaining loans in the so-called 'bad bank' loan book, sundry equity investments and remaining property investments have been sold to the Crown. No financial details of the transactions were disclosed. The Crown has so far clawed back $645 million of the $1.78 billion it paid out to depositors when South Canterbury Finance colla...

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