At 82 years old Timaru businessman Allan Hubbard is working on finding a new cornerstone shareholder for South Canterbury Finance, which urgently requires capital after plunging to a $198 million loss in the six months to December. (See South Canterbury t
At 82 years old Timaru businessman Allan Hubbard is working on finding a new cornerstone shareholder for South Canterbury Finance, which urgently requires capital after plunging to a $198 million loss in the six months to December. (See South Canterbury timeline here).
The SFO probe comes at a crucial time with Mr Hubbard saying he had hoped to arrange agreement with an overseas company by June 30 to inject a large amount of capital.
Recently appointed ‘president for life’ Hubbard remains a key figure behind the country's biggest remaining finance company. His personal wealth – last year estimated at $550 million – has shrunk considerably over the last 12 months after giving up assets to shore up South Canterbury.
Earlier this year he tipped his prized Helicopters New Zealand and Scales Corporation into the firm.
Those assets – worth $152 million – are likely to be sold to an offshore buyer as part of the recapitalisation programme.
Aside from South Canterbury Finance, Hubbard's business interests are spread far and wide. He is a director of more than 200 companies and his other assets include a major shareholding in Dairy Holdings, which owns about 70 properties.
Mr Hubbard is described as a philanthropist, who helped business and farming in the region.
Close friend and doctor Albert Makary last week told NBR he viewed Mr Hubbard as the closest thing to a “financial sector angel” in New Zealand.
Over many years Mr Hubbard had quietly provided extensive charitable support for a large range of activities, including the scouting movement and the Presbyterian Church and its social services.
He is also a trustee of the Bible College in Henderson and recently gave it $5 million for a new library.
Two year’s ago he gave $6.3 million to the Parenting Place, a new building where parents could attend courses, seek advice from various experts in Auckland's Greenlane.
Mr Hubbard cultivates his image as a simple man, still drives his 30-year-old Volkswagen and lives with his wife Margaret, in the same house they bought in 1961 for £4500.
