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Hubbard says he could have saved South Canterbury Finance

Allan Hubbard has reacted to news of South Canterbury Finance's receivership by saying he could have saved the business had he not been sidelined.The founder and majority shareholder of the failed finance company - who was removed from the company in Marc

NBR staff
Tue, 31 Aug 2010

Allan Hubbard has reacted to news of South Canterbury Finance's receivership by saying he could have saved the business had he not been sidelined.

The founder and majority shareholder of the failed finance company - who was removed from the company in March and had his personal assets and those of several charitable trusts he established placed in statutory management - could not be contacted for content but released a statement to media which included these comments:

  • ''Surely they realised that by freezing me out and taking over control of my affairs that they would be dealing a body blow to South Canterbury Finance."
     
  •  ''Since the impact of the global credit crisis became obvious, I have done everything I can to save SCF, including investing hundreds of millions of myown investments into the company."
  • ''It has been deeply frustrating and hurtful, over the last nine months, to have been sidelined by my fellow SCF directors, and subsequently straight-jacketed by the government regulators, from working to save South Canterbury.'' 

  • ''I have always attempted to place investors' returns first, and my personal financial interests as secondary, and as the severity of the global credit crunch became apparent, I moved quickly to inject my own assets into South Canterbury."

  • "Instead they bring down the boom, take me out, freeze my access to my personal funds and now so many families, small businesses, farms and enterprises, throughout the South Island in particular, are going to be seriously suffering."

  • "I will be providing my own analysis, with the assistance of my team of
    professional legal and financial advisers, to put my side of the story and I
    will be taking this matter further."

Two of Mr Hubbard's other companies, Hubbard Management Funds and Aorangi Securities, have been put under statutory management along with Mr Hubbard himself and his wife Jean.

The Serious Fraud Office said yesterday its investigations into those companies would continue.

The Stand By Hubbard Group -- which describes itself as deeply concerned about the actions of the Government in relation to Mr Hubbard -- has set up a Facebook page for supporters of the beleagured Timaru businessman.

Since the announcement of SCF's receivership friends of the page have largely blamed the Government, SFO and statutory managers.

"The end of South Canterbury Finance, our greatest investor in South Canterbury, well done SFO you have seriously crippled our economy," Jonny Stanley wrote.

Suzanne Edmonds said it was as Mr Hubbard's supporters had predicted a long time ago.

"The authorities have stuffed the NZ economy...they have failed to police the crooks...let them lead the high life...let the fire sales drive down values and distroy investors confidence (sic)," she said.

A poll on the Stand By Hubbard website asked people if they would vote for National in the 2011 election after the issue with Mr Hubbard.

Of the 98 people who replied 58 said no, 35 yes and five maybe.

Additional reporting NZPA

 

NBR staff
Tue, 31 Aug 2010
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Hubbard says he could have saved South Canterbury Finance
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