Simon Power

Wellington, Aug 20 NZPA - Aorangi Securities Ltd (ASL) investors are being urged to write to Commerce Minister Simon Power requesting statutory management of the company be terminated.

The Government placed Allan and Jean Hubbard, their companies Aorangi Securities and Hubbard Managed Funds, and seven charitable trusts, into statutory management on June 20. Investors' funds have been frozen since. The Serious Fraud Office (SFO) is also investigating.

Aorangi Securities and Hubbard Managed Funds investor Tony Brazier said he and "a large group" of fellow investors would approach Mr Power on the issue, having taken advice from public law specialists Chen Palmer.

"The best course of action for ASL investors is to write to Commerce Minister, the Hon Simon Power, to request that he and his Cabinet colleagues advise the Governor-General to make an Order in Council terminating the statutory management of ASL and the Hubbards," Mr Brazier said.

"I have been advised that this is the most constructive step that investors could take at this point.

"We are expecting the SFO to announce that it will not be pressing charges and the next report of the statutory managers is also unlikely to find fraud."

Mr Brazier said that he had been advised that the purpose of the Government's power to impose statutory management was to preserve the interests of investors and protect the public interest.

"On that basis, the most effective step that we investors can take at this point is to tell the Government that we appreciate its intention to preserve our interests, but that we are fully confident our interests are best served by having Allan Hubbard back in control of ASL."

Mr Brazier urged other investors interested in joining the collective approach to contact him.