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Sustainability and impact
Aorangi Securities statutory managers seek court direction to determine ownership of assets
04 Apr 2012
The statutory managers of Aorangi Securities have filed legal proceedings to determine the ownership of $60 million of investments they contend belong to the investors in Aorangi Securities.
The statutory managers of Aorangi Securities have filed legal proceedings to determine the ownership of $60 million of investments they contend belong to the investors in Aorangi Securities.
“This legal action, should we be successful on behalf of investors, will make a material difference to the amount that is paid out to them,” said the statutory managers from Grant Thornton New Zealand.
“These assets with a value originally ascribed by Mr Hubbard of $96 million but currently valued at $60 million, were introduced into Aorangi by Mr and Mrs Hubbard through various entities in a range of capacities. The manner of introduction was unconventional and the transfer of legal title of assets to Aorangi was not completed in most cases.
“This is a complex situation and a lot is at stake for investors. We need the High Court to determine that these assets are legally owned by Aorangi. Unfortunately, due to the court’s heavy schedule the hearing is not expected to take place this calendar year.
“To date we have distributed $11.5 million or 12 cents in the dollar to investors. However, as further distributions are dependent on the outcome of the court action and other loan recovery actions, it may be some time before a further payment can be made to investors.
“$36 million has been realised and $20 million is being held pending determination of ownership of the monies. There are $39 million of third party loans some of which have already been realised. This amount includes realisations of Te Tua Charitable Trust loans. A number of recoveries are dependent on the outcome of legal proceedings.
“Aorangi has an investment of approximately $25 million in Te Tua Charitable Trust which was administered by Mr and Mrs Hubbard. Of that amount, $4.9 million has been recovered. Provisions for Te Tua loans that may not be collectable total $11.5 million. Because many of the loans were “last resort” loans, recovery will take time and there are likely to be substantial losses on this part of Aorangi assets,” said the statutory managers.
Further enquiries, please contact:
Michael Dunlop
Acumen Republic
M +64 (0)275 747 587
D +64 (0)4 494 5142
E mdunlop@acumenrepublic.com
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