Tuesday, October 19, 2010

Allan Hubbard Saga: South Canterbury Finance to be investigated for Fraud

Well, finally the inevitable has come to pass. Allan Hubbard and his collapsed South Canterbury Finance company are to be investigated over possible fraud related to dubious inter related party lending and false statements made on financial documents.

"The Serious Fraud Office has launched an investigation into South Canterbury Finance. (see full SFO statement)

Chief Executive Adam Feeley said after inquiries by the SFO's new fraud detection unit, the SFO had grounds to suspect that a number of related party transactions involving SCF may have involved false statements or other fraudulent conduct." Stuff.co.nz

Those of you who read this blog will know that this has been coming for months but supporters still see that Hubbard has done nothing wrong.

Three Grant Thornton Reports 1 2 3 on related collapsed businesses and documents released last week have revealed so much inter-party stuff it makes Mr Hubbards empire look like a rather large Utah based extended family, with all the back biting, chest rubbing and back slapping that goes along with such a closed group.

We will see a closer investigation, more evidence and hopefully a jail conviction for Hubbard and his fellow travellers.

It has so far cost the New Zealand taxpayer the thick end of 2 billion (if you include interest, administration and lost opportunity cost) and will cost more as the Serious Fraud Office begins their investigation.

We ca only hope that this time the SFO has got their Is dotted and their ts crossed because this big smelly fish cannot be let go like all the other toe rags have.

See more @ NZ Herald

Related Share Investor Reading

Full SFO Statement on SCF Fraud Investigation

Download Grant Thornton Report 1
Download Grant Thornton Report 2
Download Grant Thornton Report 3

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