17 Jul 2010

Hubbard supporters launch fund to help investors

6:59 am on 17 July 2010

A supporter of Timaru businessman Alan Hubbard is launching a charitable fund to help financially distressed investors in his company, Aorangi Securities.

Mr Hubbard and his wife Margaret were placed under statutory management last month, along with Aorangi Securities and several trusts.

Investors have been warned not to expect any return of interest or capital in the short term.

John Funnell, who owns a Taupo helicopter business, says Mr Hubbard has been dipping into his own pocket to help investors who rely on interest payments to survive.

Mr Funnell says he and Ian Tulloch, of Tulloch Transport in Southland, have decided to start a charitable fund to assist those investors, as well as the Hubbards.

He says there have been numerous offers from people wanting to donate money, and he aims to have the fund running by Tuesday.