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.

 

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