Troubled financier off NBR rich list
The head of troubled finance company, South Canterbury Finance, Alan Hubbard, has been suspended from the National Business Review 'rich list', released today.
Despite Hubbard's loss, eight automotive identities remain in the list, led by the Spencer family.
According to NBR, the NZ automotive 'rich list' is:
The Spencer family - $700 million
While the family made its money in paper and property, it is a key partner in Colin Giltrap led projects, most notably Hyundai. Howard Spencer is well known as a director of the distributor.
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With the market being so flat at present, it is unlikely that motor vehicle financiers will move dealer base rates as a result of the increase in the OCR, for fear of losing business.
Hyundai has revealed the likely replacement for its Elantra model, codenamed the MD in Korea.







