Hubbard daughter 'grateful' investors covered
The daughter of beleaguered South Island financier Allan Hubbard says she is "grateful" people will get their money back through the Crown deposit guarantee.
The company he founded, South Canterbury Finance, was put into receivership on Tuesday and the Government immediately paid out $1.7 billion to investors and in a loan to the receivers.
Mr Hubbard and his wife, Jean, were in June placed into statutory management, as were Aorangi Securities and seven charitable trusts.
Lesley Limbe, one of the Hubbard's five daughters, told the Timaru Herald she would have felt "dreadful and embarrassed" if people had lost money.
"I feel personally that my sisters and me appreciate that the Government has been able to guarantee. We feel grateful that people will get their money back," she said.
The extended Hubbard family, including 10 grandchildren and three great-grandchildren, all lived modest lives and had not received "huge amounts of wealth", Ms Limbe said.
They had grown up seeing their father's compassion for people in need, and that had rubbed off them.
"His concern for others was evident to us as we all grew up," she told the newspaper.
"That has been a good example we have tried to follow."
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Comments and questions23
Hey girl- pull your nose down out of the clouds- people do look likely to loose money to save your dad's bad judgement - Us - the NZ taxpayer is loosing heaps- but don't worry- no doubt you will not suffer
Has the poor(rich) old man got any family assistance?
Incredible she thinks no-one has lost money. What she evidently means is no-one she gives a damn about has lost money. So thanks Lesley, us taxpayers will bear the costs that should have fallen on your neighbours in Timaru!
Maybe its time Auckland broke away from the rest of the country, with the introduction of the Super City we could simply pay local tax rather than contributing to the south island economic stimulus package.
An excellent idea. Judging by the quality of comments posted here, it'd certainly raise the average IQ in the NZ that remained.
you leave him alone that is the risks you take investin money never mind all the money he has put in to the economy over the last 80 years i am also family and if there were more hubbards around the world would be a much better place
"I feel personally that my sisters and me appreciate that the Government has been able to guarantee. We feel grateful that people will get their money back," she said.
Unfortunately the money "he has put into the economy over the last 18 years" turned out to be mine, as a taxpayer. He's lost us $600 million, which is quite incredible. What drugs are you on?
Yes, some probably, but what everyone is forgetting is that the banks have already paid several hundred million to the Govt for their crown guarantees and certainly won't be using any of that. Whilst the Govt might have liked the bonus of being able to have used it for other things, its there to pay for some or all of the cost of the failures.
I pity the basic arrogance & ignorance of people, judging by some of the above comments.
SCF demise is largely the fault of Lachie Mcleod, who has been too gutless to front up. Why doesnt someone ask Mr Mcleod & other shareholders how they built up their stake in Southburys? Theres a good chance it was based on short term performance; ie record profits, built on high risk loans.
Mr Hubbard built his business over an extended period, generally through conservative practices. People dont change their ways; especially when they are in the twlight of their lifes. They tend to become even more conservative.
Mr Hubbard is full of integrity, which seems to be a very rare commodity in the (business) world today. I suspect the persons who have posted these & other arrogance & ignorant comments have no comprehension of what honesty and/or integrity means.
Not too sure if we could afford too many Alan Hubbards!
The blame for this failure lies at the door of SCF nobody else - read Sandy's Campbell Live interview!! WE do not need anymore AH unless you'd like to see this country become a banana republic
I don't think so - what planet are Hubbard supporters from? The Statutory Manager's report indicates that Hubbard has as much integrity as Bernard Maddhoff! It's easy to appear generous when dishing out other peoples money.
Good plan pay for your own roading and all you other problems and see how you cold lattes go without The South Island for your electricity, how small minded can Jaffas be?
Good plan pay for your own roading and all you other problems and see how you cold lattes go without The South Island for your electricity, how small minded can Jaffas be?
Good plan give it a go own your own, pay for your own transit systems and other problems, see how you cold Lattaes go with South Island electricity.
well aucklanders ,wait to you see your rates and most other expenses go sky high ,then will you be so complacent about the so called super city ,i bet it;s a super expense ,i live in auckland and am planning on getting out of here ,before the expenses commence ,1.1 million people do not make a super city ,more like a super stuff up
Arrogant muppet!!
Arrogant muppet!!
Bring on the super city - this town needs to be united for its own future - mayors who didn't work with each other... what ever the out come its better than today. pffftt leaving AKL becuase of it ... yeah the rest of us will feel your absence... sorry to hear you're leaving
"...like to see this country become a banana republic." BECOME???
Bit late.
"...go without The South Island for your electricity, how small minded can Jaffas be?"
I think, but happy to be corrected, that the majority of the North Island power now comes from the Huntly power station(s). Manapouri Power Station (largest in the South Island) was to support Tiwai Point opposite Bluff and this is still in place I believe.
...but your passion about Auckland disconnecting from the South Island is well felt. Rather amusing but improbable outcome.
Best thing the various Hubbard clan members could do is keep their collective mouths shut and stay off the keyboard.
He (Allan) may have been a great grand daddy for you to bounce on his knee whilst he had a nice warm cup of tea but as a business man there are too many unanswered questions that go back too far into history, besides the fact he was warned many many years ago to lift his governance, compliance and reporting.
If you don't understand these words, ask someone to google them, print the results off and show you. They relate to good business practise and practice. As you are going to need to stay off the keyboard...
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