4 Nov 2011

Hubbard's widow to be removed from statutory management

6:36 am on 4 November 2011

Jean Hubbard is to be removed from statutory management, applying from 5pm on 13 November.

Mrs Hubbard and her late husband Allan Hubbard were placed in statutory management in June last year, along with seven charitable trusts and two investment vehicles.

After Mr Hubbard died in a car crash on 2 September, 50 fraud charges against him were withdrawn. Mrs Hubbard survived the crash.

Commerce Minister Simon Power says the Registrar of Companies has advised him that Mrs Hubbard is no longer closely connected to the business of Aorangi Securities Ltd that she must remain under statutory management.

An Order in Council was recommended by Cabinet and was signed by the Governor-General on Thursday afternoon.

The Order also confirms that, following his death, Mr Hubbard is no longer in statutory management.