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Two further Hubbard trusts in statutory managment
Hon Simon Power
Minister of Commerce
13 September 2010 Media
Statement
Two further Hubbard trusts put into statutory management
The Government has today placed two further trusts established by Mr Allan Hubbard into statutory management, Commerce Minister Simon Power has announced.
They are Temple Bar Family Trust and Barns Charitable Trust.
The decision to put the trusts into statutory management follows a recommendation from the Securities Commission, which made its recommendation after receiving a report from the statutory managers of Aorangi Securities Ltd.
The move is a result of ongoing investigations by statutory managers into Aorangi Securities and seven charitable trusts, which were put into statutory management along with Mr and Mrs Hubbard on June 20.
Mr Power advised Cabinet of his recommendation today and the Governor-General made the Order in Council.
Both trusts hold company shares which are recorded as assets in the financial statements of Aorangi. Temple Bar Family Trust was established in 1983 by Mr Hubbard, while Barns Charitable Trust was established in March this year.
"This decision has been taken pursuant to section 38 of the Corporations (Investigation and Management) Act 1989, and was effective from 5pm today," Mr Power said.
“The Securities Commission recommended the trusts be placed under statutory management to preserve the interests of the creditors of Aorangi, in the public interest and to enable the affairs of the corporations to be dealt with in a more orderly or expeditious way. It was satisfied that those interests could not be adequately protected any other way."
The Securities Commission consulted Mr Hubbard's legal representatives before it made its recommendations and they were advised this afternoon of the Government's decision.
The Government has appointed Graeme McGlinn as an additional statutory manager of all corporations connected to Mr and Mrs Hubbard, including Temple Bar Family Trust and Barns Charitable Trust. He has been part of the Aorangi statutory management team and joins Richard Simpson and Trevor Thornton as statutory managers.
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