Statutory manager wraps up Hubbard's Aorangi with 99% recovery

Mon, 22 Sep 2014

By Paul McBeth Sept. 22 (BusinessDesk) - The statutory managers of Aorangi Securities, one of the failed vehicles in the stable formerly run by Timaru businessman Allan Hubbard, has been wrapped up with just above 99 percent recovered for the 400 or so investors. About $101.2 million, or 99.037 cents in the dollar, has been repaid to Aorangi investors, the Grant Thornton statutory managers said in a statement, concluding their four-year administration of the fund. Of the $2.6 million in funds on hand at the time of the appointment, and $1...

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