I happened to be down at the Diwali festival in Aotea Square with the family last night and popped into the Borders Bookstore to relieve myself and passed the NBR and couldn't resist a glance (I'm too lazy to get around to subscribing and don't understand what one gets if one subscribes to the online version or paper version. Do you get access to either one whatever sub you buy?) and noticed the inevitable Allan Hubbard story.
The NBR have been one of the best investigative noses around when it comes to the Hubbard saga, especially the financial bloodhound Matt Nippert and in a story dated October 22 he picks apart some dodgy signature work (see document below - click to get bigger picture) done by the aforementioned Mr Hubbard.
I actually did an inner double take when I read this part of that story, could this be true?
From the NBR:
A massive transfer of assets by Allan Hubbard to people Mr Hubbard had power of attorney over is being unwound by statutory managers.
The extent of paper-and-asset shuffling is illustrated by Mr Hubbard’s confirmation to the National Business Review that he signed nearly a dozen forms in late May using the name of Ashburton farmer Andrew Morris.
“I just signed using power of attorney,” Mr Hubbard said.
A senior lawyer experienced in using powers of attorney said the “invariable practice” for signing forms using such powers was to append “as attorney acting for” when signing.
The lawyer said Mr Hubbard signing the name “A J Morris” instead of his own was “unusual to say the least – to sign someone else’s name is unheard of.”
Mr Hubbard explained away the irregularities as an oversight. “I thought the lawyers would have done that. There was no ulterior motive.” NBR, October 2010
So hang on a sec, as an individual with power of attorney Hubbard signed someone elses name on Companies Office documents instead of his own on behalf to transfer millions of dollars of his assets to the person he was signing on behalf of?
Yes Darren he did!! (my inner monologue after butter chicken and Coke at Diwali just next door which was banging my head with a big bass Indian beat, but not as rhythmic as my heartbeat after reading the NBR)
Had Hubbard gone mad at this stage? How could he possibly think even he could get away with this sort of nonsense - some would call it fraud, but no not me - it is breathtakingly blatant in its apparently naive execution. Mr Hubbard has countered that his actions were, "always honourable".
I am clearing my throat at this stage as I have something caught in it and it isn't butter chicken.
To get serious for a moment, this has got to be just one of the many transactions made by Hubbard that the Serious Fraud Office is investigating Hubbard and his fellow directors over.
This clearly contravenes the laws covering powers of attorney in relation to the companies office and having the documents at hand and an admission by Hubbard that he signed them makes this a cut and dried case in a court of law.
Makes the light show at the Diwali festival look dull by comparison.
Pass the butter chicken over here, there is more to come.
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c Share Investor 2010