Tangled links between financier Allan Hubbard, a major Timaru charity and investment entities under statutory management reveals a money-go-round that has put millions of charitable donations at risk and has drawn the interest of the Serious Fraud Office.
The National Business Review print edition today detailed a circle of investments between Te Tua Trust, Aorangi Securities and Presybterian Support Services South Canterbury (PSSSC).
The chairman of PSSSC, Jim Pearce, acknowledged that at least $2.8m of investments made by Mr Hubbard with charity money are now considered impaired.
For more, including probes by the Securities Commission, statutory managers and the SFO into Mr Hubbard's role in managing the finances of PSSSC, see NBR's print edition.
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