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Hubbard daughter 'grateful' investors covered

Fuseworks Media
Fuseworks Media
Allan Hubbard
Allan Hubbard

Wellington, Sept 2 NZPA - The daughter of beleaguered South Island financier Allan Hubbard says she is "grateful" people will get their money back through the Crown deposit guarantee.

The company he founded, South Canterbury Finance, was put into receivership on Tuesday and the Government immediately paid out $1.7 billion to investors and in a loan to the receivers.

Mr Hubbard and his wife, Jean, were in June placed into statutory management, as were Aorangi Securities and seven charitable trusts.

Lesley Limbe, one of the Hubbard's five daughters, told the Timaru Herald she would have felt "dreadful and embarrassed" if people had lost money.

"I feel personally that my sisters and me appreciate that the Government has been able to guarantee. We feel grateful that people will get their money back," she said.

The extended Hubbard family, including 10 grandchildren and three great-grandchildren, all lived modest lives and had not received "huge amounts of wealth", Ms Limbe said.

They had grown up seeing their father's compassion for people in need, and that had rubbed off them.

"His concern for others was evident to us as we all grew up," she told the newspaper.

"That has been a good example we have tried to follow."

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