The statutory manager controlling the affairs of Allan Hubbard's Aorangi Securities says it expects to repay investors some of their money, though it admits it will be less than it anticipated.
Grant Thornton, which issued its seventh report to investors on Friday, expects to return eight cents in the dollar to Aorangi investors who are owed $96 million, though that amount depends on repayment of a refinancing loan.
It says the potential repayment is less than expected because of difficulties in collecting loans and sorting out the ownership of various farms.
The statutory manager expects to receive more than $40 million from farm sales by the end of September.
Mr Hubbard is facing criminal charges for fraud after the Government placed him and his wife under statutory management in June last year, along with seven charitable trusts and two investment vehicles.
