By Adam Bennett 5:30 AM Wednesday Sep 1, 2010 Twitter
The Government yesterday paid $1.775 billion - or $405 for every man woman and child in New Zealand - to take control of failed moneylender South Canterbury Finance's assets.
It has bought out all its investors and debenture holders.
South Island tycoon Allan Hubbard's $2 billion Timaru-based company was yesterday placed into receivership and the Government quickly stepped in to immediately pay $1.6 billion to cover debenture holders' deposits covered by its retail deposit guarantee scheme.
