Guthrie stops trading
The Auckland-based investment banker, Guthrie Financial Corporation, Ltd, and subsidiary companies, have been placed in receivership at the request of directors.
A statement yesterday evening from the company’s chief executive officer, Mr Fraser Guthrie, said directors had requested the New Zealand Guardian Trust Company, Ltd, to appoint receivers.
As a result, Messrs P. R. Preston and J. A. Waller, of Price .Waterhouse, had been appointed receivers and managers. Mr Guthrie said the collapse of other main financial institutions and corporate retrenchment in the preceding months had produced an uneconomic commercial environment
He said there had been a significant lack of investor confidence in the market place, coupled with a continuous withdrawal of funds as a result of this environment, and a number of bad debts. -
The Christchurch manager of Guthrie Financial Corporation, Mr Rob McKay, said the main activity of Guthrie Financial Corporation in Christchurch was foreign-exchange risk management
The local operation was ex; tremely, profitable and the company’s problems seemed to be at head office in Auckland, he said.
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Press, 9 February 1989, Page 1
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173Guthrie stops trading Press, 9 February 1989, Page 1
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