Crown takes on residual assets of South Canterbury Finance 1 Jun 2012
- MARKET CLOSE: NZX 50, Freightways rise to records Business
- NZ dollar sinks on Fed optimism, neutral RBNZ Business
- NZ, Aust working on differences in depositor protection Business
- High Court bars Buddle Findlay from acting against Kerr Business
- Flying Start Business Plan winners announced News
- RBNZ refrains from FX intervention in September Business
- Chatham Rock to delay exercise of options Business
- Souter says low-price seats, quality will demand bus demand Business
- Parliamentary Private Secretaries reappointed News
- Gordon Campbell on bad labour laws and poor safety practices News
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.
29 Oct 2014 News
New Zealand Government Rt Hon John KeyPrime Minister Hon Bill EnglishDeputy Prime Minister 29 October 2014 Cabinet has agreed on the... more
28 Oct 2014 Business News
By Paul McBeth Oct. 28 (BusinessDesk) - The New Zealand dollar held gains in the local trading session as traders remain cautious... more
28 Oct 2014 Business News
By Fiona Rotherham Oct. 28 (BusinessDesk) - Orion Health Group, which develops software systems for patient health management, wants... more
29 Oct 2014 Food & Wine
Neena and Belinda have won the first season of My Kitchen Rules New Zealand. The "Modern Day Hippies" beat Aaron and Heather in... more
28 Oct 2014 Property
By Suze Metherell Oct. 28 (BusinessDesk) - Goodman Property Trust, the biggest listed property investor by market value, sold two... more
24 Oct 2014 Migration
New Zealand has been named the best place to raise a child in the Raising Children Abroad annual league table. According to the HSBC... more
24 Oct 2014 Travel & Tourism
Giving flyers an Unexpected Journey! Elijah Wood and Sir Peter Jackson star in 'epic' Hobbit themed Air New Zealand safety video Air... more
29 Oct 2014 Rugby League
Vodafone Warriors prop Suaia Matagi is poised to play his first test for the NZ Kiwis against his old team-mates, Toa Samoa, at... more
28 Oct 2014 Cricket
ICC Cricket World Cup 2015 Cancer Society named official charity in New Zealand for ICC Cricket World Cup 2015 The Cancer Society has... more
28 Oct 2014 Opinion
Article - Adam Parsons The return of Occupy London: this time it’s truly political by Adam Parsons22 October 2014
28 Oct 2014 Column
Column - Gordon Campbell Gordon Campbell on the TPP finishing line, and Amazon’s woes by Gordon Campbell If the Trans Pa... more
28 Oct 2014 Appointments
Minister of Foreign Affairs Foreign Minister Murray McCully has appointed diplomat James Kember as New Zealand’s next... more
28 Oct 2014 Recruitment
Social Development Minister Anne Tolley says the Government’s 3K to Christchurch scheme is a winner with 633 unemployed people... more