Investors in South Canterbury Finance paid next month

Photo / Sarah Ivey

South Canterbury Finance debenture and deposit holders will be paid in the middle of next month.

Receivers were appointed to South Canterbury Finance 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, Trustees Executors, 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 owed to SCF secured investors.

Yogesh Mody, regional manager for Trustees Executors, said 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.

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

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

The Government put SCF majority shareholder Hubbard and his wife Jean under statutory management on June 20, with charitable trusts, Aorangi Securities, and later, Hubbard Management Funds.

The Serious Fraud Office is also investigating the couple.

- NZPA