Govt to decide on Jean Hubbard statutory management next week
Allan Hubbard's widow Jean Hubbard will remain in statutory management this week as the government reviews the situation.
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Allan Hubbard's widow Jean Hubbard will remain in statutory management this week as the government reviews the situation.
Prime Minister John Key told reporters this afternoon that an announcement would be made next week. For now, he said, he wanted to give the Hubbard's privacy and space this week as they prepare to bury Mr Hubbard who died following a car accident on Friday.
He said Simon Power has been in discussions with Crown Law and is making sure that funeral costs are being met.
The Timaru accountant and financier was charged with 50 counts of fraud on June 20 after a year-long investigation by the SFO into Aorangi Securities and Hubbard Management Funds..
Mr and Mrs Hubbard, Aorangi and HMF, and several charitable trusts were placed in statutory management by the Government on June 20 last year owing hundreds of investors $176 million.
The SFO charges related to theft by a person in a special relationship, false statement by a promoter and false accounting. Mr Hubbard's lawyers had indicated the 83-year-old would fight the charges.
John Durning, a spokesman for Grant Thornton, says the initial step to place the Hubbard’s into a financial straightjacket was unprecedented, and the death of the financier further complicated matters.
Mr Durning says he expects parts of Grant Thornton's work will continue, but there was the possibility that events over the weekend would wind back their presence in Timaru.
“The statutory management of HMF and Aorangi will continue as normal, but it’s still to early to say what will happen to the statutory management of Mr and Mrs Hubbard,” he told NBR.
NBR staff
Mon, 05 Sep 2011
Mon, 05 Sep 2011
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Govt to decide on Jean Hubbard statutory management next week
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