90 seconds at 9am: Hubbard in statutory management; Yuan to float higher

90 seconds at 9am: Hubbard in statutory management; Yuan to float higher

Bernard Hickey details the key news over the weekend in 90 seconds at 9 am in association with the BNZ, including shock news on Sunday that the Government had put Allan and Margaret Hubbard into statutory management after the Serious Fraud Office launched an investigation into the affairs of the Hubbards' Aorangi Securities.

An investor complained he had not received an investment statement and initial investigations found that Aorangi had lent NZ$134 million to various related parties of the Hubbards without sufficient documentation or the secured first mortgages that investors had expected.

South Canterbury Finance is not included in the statutory management order and its future is now unclear, given Hubbard was trying to bring in a large equity investor. 

Meanwhile, China has announced it will let the yuan float, which is great news for New Zealand exporters, given this is likely to drag our currency lower against the Chinese currency and boost Chinese demand for imports.


We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

Your access to our unique content is free - always has been. But ad revenues are under pressure so we need your direct support.

Become a supporter

Thanks, I'm already a supporter.