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Payment to SCF deposit, debenture holders due mid-October

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 29 NZPA - South Canterbury Finance (SCF) debenture and deposit holders will be paid in the middle of October, Trustees Executors, the trustee says.

Receivers were appointed to SCF on August 31. The Government decided to make full settlement under the terms of the retail deposit guarantee scheme on August 31 and the trustee has been holding the money on behalf of 35,000 investors since then. Bondholders were repaid on September 23. They represented about $350 million of the $1.6 billion owned to SCF secured investors.

Yogesh Mody, regional manager for Trustees Executors, said today that the audit of the register for debenture and depositors was complex but it was nearing completion. The registry file will be with Computershare, the paying agent, in coming days and it will take about two weeks for payment to be made.

He said the process was taking longer than some people might have expected but it was a complex and detailed process.

Bond, debenture and deposit holders' money was guaranteed under the Retail Deposit Guarantee Scheme.

Separately, the statutory managers of Allan Hubbard's business interests are expected to release their third report on Friday.

The Government put SCF majority shareholder Mr Hubbard and his wife Jean under statutory management on June 20, along with charitable trusts, Aorangi Securities, and later, Hubbard Management Funds. The Serious Fraud Office is also investigating the couple.

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