21 May 2011

Progress report ordered into running of Hubbard companies

6:03 am on 21 May 2011

A progress report has been ordered into the running of several companies once controlled by South Canterbury financier, Alan Hubbard and his wife.

Grant Thornton was appointed statutory manager of Aorangi Securities and other Hubbard entities on 20 June last year.

The review was ordered by the Registrar of Companies, which is part of the Ministry of Economic Development.

The ministry won't say why it ordered the review by Sir John Anderson and Deloitte partner Rod Pardington.

Supporters of Mr Hubbard say it follows a letter to the Minister of Justice complaining about the way the statutory management was imposed.

Mrs and Mrs Hubbard have since launched legal action against the statutory management.

South Canterbury Finance was placed in receivership on 31 August.