Crown takes on residual assets of South Canterbury Finance   1 Jun 2012

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.

(BusinessDesk)

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