South Canterbury Finance head Sandy Maier discusses the fallout of the collapse of the company on 31 August 2010. Full Press Conference.
CEO Sandy Maier stated that unwise property ventures in Auckland, Queenstown and Fiji led to SCF downfall.
“South Canterbury's failure is as a result of its own actions and activities and poor choices historically... we could not overcome all that baggage. The ultimate cause of this is South Canterbury's problem, a management, governance and misdirection problem.
As fast as the trustee and the Crown can get the money out I'd say to the retail establishment and the investment establishments there's a wave of people coming at you.”
Allan Hubbard meanwhile has blamed others for the collapse.Related Share Investor Reading
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Recommended Amazon Reading
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham
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c Share Investor 2010
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