3 Oct 2012

Hubbard investors face further claims

7:40 am on 3 October 2012

Investors in funds caught up in the Hubbard financial collapse are facing further claims on their investments.

Statutory managers at Grant Thornton say claims against the $47 million worth of assets in Hubbard Management Funds have risen to $7 million.

Jean Hubbard, the widow of Alan Hubbard, is contesting $4.3 million of the $7 million in dispute.

Grant Thornton says a claim by ASB Bank, for $2.1 million, will be determined by the court later this year.

Mrs Hubbard is already claiming $60 million of the $96 million in another Hubbard fund, Aorangi Securities, which is due to be heard in court soon.

The statutory managers say they are working through another complexity; Hubbard Management Funds accounts show an investment in Aorangi of $3.6 million but only a fraction of that is recorded in the Aorangi accounts.

Aorangi Securities and Hubbard Management Funds were placed into statutory management two years ago owing investors $96 million and $82 million respectively.