No conflict of interest

Friday 25 June 2010, 5:54PM
By Securities Commission

An article in Fairfax Media publications this morning wrongly reports that Simon Botherway has declared a "potential conflict of interest" in relation to Mr Allan Hubbard.

Mr Botherway has declared to the Commission that he may have a potential interest in matters relating directly to South Canterbury Finance Limited because of previous business dealings between his brother and that company. The statutory management order does not apply to South Canterbury Finance Limited.

On this basis, the Commission is satisfied that Mr Botherway does not have a conflict of interest in relation to Aorangi Securities Limited, Mr or Mrs Hubbard, or the charitable trusts that were the subject of the Commission's recommendation for statutory management.