Hubbard goes to court in bid to overturn statutory managment
Embattled Timaru financier Allan Hubbard has filed judicial review proceedings challenging last June's government decision to place him into statutory management.
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Embattled Timaru financier Allan Hubbard has filed judicial review proceedings challenging last June's government decision to place him into statutory management.
In a statement from Mr Hubbard's lawyers Russell McVeagh said papers were filed in the Timaru High Court this morning and the grounds for seeking a review were threefold:
- The relevant legislation cannot be applied to human beings, as opposed to corporate entities or trusts;
- The process followed by the Crown was flawed; and
- Information used to justify statutory management was "unsound and inadequate".
The statement said 11 months of discussions with statutory managers were unfruitful and Mr Hubbard felt he was "left with few options other than filing judicial review proceedings."
The statement concluded with a hope that a "negotiated outcome can be reached."
In June 2010, the government appointed Grant Thornton as statutory managers of Mr Hubbard's assets following concerns over his Aorangi Securities investment entity.
Matt Nippert
Wed, 11 May 2011
Wed, 11 May 2011
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Hubbard goes to court in bid to overturn statutory managment
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