4 May 2012

Taxpayers claw back less than half their SCF funding

7:45 pm on 4 May 2012

The Government has now received back $645 million following the collapse of South Canterbury Finance, though that's less than half the amount taxpayers shelled out 18 months ago to protected investors.

In its third report, corporate receiver McGrathNicol says it repaid $125 million to the Crown in the six months to the end of February, which included the sale of a stake in Dairy Holdings, and the recovery of $75 million in loans.

The receiver says it's still in talks with the Government over transferring South Canterbury Finance's assets to Crown control.

The collapse of the company, once controlled by the late Allan-Hubbard, cost taxpayers $1.8 billion.