21 Dec 2012

Allied Farmers quits Hanover interests

7:24 pm on 21 December 2012

Allied Farmers has sold most of its remaining Hanover property and loans to the Government's Crown Asset Management Ltd at their book value of $13.5 million dollars.

The government agency has taken over the assets of five failed finance companies that were part of the retail deposit guarantee scheme and where the Crown is the sole creditor.

The companies covered include South Canterbury Finance.

Allied Farmers says the proceeds from the sale will be used to repay debt.