Well, the Allan Hubbard saga rolls on with the forth Grant Thorton Report released today.
What it reveals is a deeper look at Mr Hubbard's financial processes in regards to several of his now defunct investment vehicles.
Once again it looks bad for Mr Hubbard.
More detail of related loans made and lack of security provided from borrowers seems to be par for the course.
Details include major shortfalls in loan payments made to Aorangi Securities:
"We will also be working with farmers who have been unable to meet their interest obligations to Aorangi and who may, in fact, never be able to do so."
There is also one property owed by the Te Tua Trust that has not received any rent for 12 years! That trust has also been identified as having "very poor" record keeping:
"Of a total of 104 Te Tua loans, 25 are not being serviced, they have no address or contact details for nine further borrowers and 11 loans are likely to be written off."
There are also grave issues over Hubbard's transfer of assets to his various "Charitable Trusts"-
charitable to him not others so it seems:
"We have investigated this arrangement and have concluded that these transfers are of doubtful validity. A number of shareholders in these companies have taken action to reverse these transfers, as they required the consent of all shareholders. A formal annulment process is under way and all shareholders of each company will be contacted with regard to the annulment."
"There are a number of associated tax issues that need to be addressed because of these unauthorised transfers."
So it appears that contrary to submissions to media by Mr Hubbard that others in his various companies had taken control and were "doing their own thing", Hubbard was the one with the finger on the button.
To boot he now appears to have an issue with the Inland Revenue, perhaps the scariest revelation thus far over the last year or so.
There is also further evidence that various Hubbard entities now under statutory management were in trouble for two years or more - again contrary to Mr Hubbard and his supporters assertions that his businesses only suffered financially because of recent Government intervention.
Many loans to various business have been made without sufficient collateral and in some cases to individuals and business who would not ordinarily be able to borrow money in the third tier lending sector, let alone the first tier. Highly risky lending was par for the course in a significant part of Hubbard's business.
A significant sum of $27 million in assets comprising cash, shares and investments was also "missing"but included in Hubbard Management Funds books as at 31 March 2010. A serious omission that can only become clearer with some more intensive investigation on Thornton's part.
The Hubbard saga is an interesting issue. It comes at a time where fraudsters who were involved with the failure of Blue Chip have walked without taking responsibility for the mess they left behind and a Serious Fraud Office crackdown on Hubbard and his shenanigans at South Canterbury Finance.
Thornton Report 5 comes at the end of November.
Footnote: From Grant Thornton Report 4
has become apparent many investors are having difficulty understanding the many complex issues in Aorangi and HMF and how these impact on their investments. The liaison group will disseminate information to other investors from our meetings. The liaison group can be contacted via Jan and Noel Macpherson. Their email address is email@example.com and contact phone number is 03 685 8095.
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c Share Investor 2010