South Canterbury Finance and Mr Allan Hubbard

South Canterbury Finance Limited Chief Executive Officer Sandy Maier welcomed the clear statement from Commerce Minister Simon Power that the Company is specifically excluded from the statutory management order encompassing some of the business interests of Allan and Jean Hubbard.

“We are deeply shocked and surprised by the decision to put statutory managers in control of certain business interests of Allan and Jean Hubbard and other entities related to them.”

“The matters now under investigation are separate from and not related to South Canterbury Finance.”

Mr Maier also noted that since the initial announcement by Mr Power, Treasury has confirmed that eligible investors in the Company would continue to enjoy the benefit of the extended retail deposit guarantee through to its expiry on 31 December 2011.

“We will continue to vigorously pursue the turnaround in performance of the Company now in motion. This will include the processing of thousands of notices from investors who have demonstrated support for the Company by extending the maturity date of investments that were due to mature in the next few months.”

Mr Maier says the process already underway to source new equity funding for the Company will continue. “We will work with the Statutory Managers to complete the process as originally envisioned.”