Statutory managers from Grant Thornton have completed a second report on the business affairs of Timaru businessman Allan Hubbard and will release their findings either today or tomorrow.The report comes as Hubbard supporters up the ante on their oppositi
Statutory managers from Grant Thornton have completed a second report on the business affairs of Timaru businessman Allan Hubbard and will release their findings either today or tomorrow.
The report comes as Hubbard supporters up the ante on their opposition to the government and regulatory agency enforcement.
Approximately $170 million of investors' money has been frozen since Mr Hubbard, his wife Jean, their companies Aorangi Securities and seven charitable trusts were placed in statutory management by the government on June 20.
Aorangi had just over 400 investors with $98 million invested in it. The Serious Fraud Office is also investigating Aorangi.
Yesterday a group of 71 investors sent a letter to Commerce Minister Simon Power asking him to terminate the statutory management. The letter was circulated by law firm Chen Palmer.
A spokeswoman for Trevor Thornton and Richard Simpson of Grant Thornton confirmed to NBR the second report was due to be made public this week.
In their letter this week the investors said the statutory management process had so far provided no evidence of substantial wrongdoing by the Hubbards.
They also believe the Serious Fraud Office was unlikely to press charges.
In their first report the statutory managers expressed concerns over a lack of paperwork and described the situation as an "intricate and complex intermingling" of affairs.
There was also uncertainty over the security and priority of loans made with the use of investors’ money.
The first report also revealed an additional $70 million invested in Hubbard Management Funds was also frozen.
