Crown takes on residual assets of South Canterbury Finance 1 Jun 2012
- Evolve lifts 1H profit 11% Business
- James Hardie class action begins in Auckland Business
- NZ retail sales rise 0.9% in third quarter Business
- Blis Technologies posts positive first-half earnings Business
- Vital Healthcare pays A$24M for Melbourne medical centre Business
- Metro Glass lifts 1H profit 5% on strong local construction Business
- Restaurant Brands raises $94 million for Hawaiian business Business
- NZ dollar falls below 70 US cents Business
- World Week Ahead: Fed minutes, OPEC Business
- Key gives Facebook's Zuckerberg a serve on tax fairness Business
The tidying up of the South Canterbury Finance debacle continues with the Crown taking over residual assets as earlier signalled.
Receivers Kerryn Downey and William Black of McGrathNicol said remaining loans in the so-called 'bad bank' loan book, sundry equity investments and remaining property investments have been sold to the Crown. No financial details of the transactions were disclosed.
The Crown has so far clawed back $645 million of the $1.78 billion it paid out to depositors when South Canterbury Finance collapsed in August 2010.
Assets sold so far include stakes in Helicopters NZ, Scales Corp, Dairy Holdings, as well as the sale of the so-called good bank and FACE Finance.
The government stumped up $1.6 billion to pay debenture holders under its retail deposit guarantee scheme, and also paid George Kerr's Torchlight fund $175 million on top of that, which held security above investors.
Finance Minister Bill English has said the government will take control of some $350 million of assets from the failed finance companies through Crown Asset Management, to control fees paid to receivers.
5 Dec 2016 Politics
8:47 pm 5... more
21 Nov 2016 Business News
Article - BusinessDesk Monday 21 November 2016 08:50 AM Key crowns APEC summit with China free-trade upgrade By Pattrick Smellie in ... more
21 Nov 2016 Lifestyle
Emirates Team New Zealand EMIRATES TEAM NEW ZEALAND CLOSES IN 3rd POSITION THE LOUIS VUITTON AMERICA’S CUP WORLD SERIES
14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more
11 Nov 2016 Property
Article - BusinessDesk Thursday 10 November 2016 04:04 PM RBNZ sees pressures building in Auckland construction sector By Paul ... more
1 Nov 2016 Migration
New Zealand Government Hon Paul GoldsmithMinister of Commerce and Consumer Affairs 1 November 2016 Changes to Financial Markets... more
2 Dec 2016 Travel & Tourism
Air New Zealand has paired up with singer Ronan Keating and rising Kiwi actor Julian Dennison to rejig a Christmas classic. 'Summer... more
3 Dec 2016 Rugby
3 Dec 2016 Rugby
New Zealand's women claim top prize in DubaiAustralia and New Zealand played out yet another thrilling final in Dubai as the Black... more
11 Nov 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more
10 Nov 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the US election outcome more
11 Nov 2016 Appointments
New Zealand Government Hon Christopher FinlaysonAttorney-General 11 November 2016 Acting District Court Judge appointed Wellington... more
2 Nov 2016 Recruitment
Article - BusinessDesk Tuesday 01 November 2016 04:42 PM Fisher Funds hunts for new head to replace founder Carmel Fisher By Paul ... more