Friday, June 24, 2011

Allan Hubbard Saga: When Monkeys Attack! (UPDATE)

Sept 6 Update - Allan Hubbard Saga: Time for supporters to let go

In a farcical "report" - it is actually a cut & paste from selective media reporting with editorial comments from the author and it rambles on for 14 mind numbing pages - commissioned by the Stand By Hubbard Team and released yesterday, the author one Kerry Grass, uses innuendo, falsehoods, conspiracy theories and bald faced lies to back disgraced alleged fraudster Allan Hubbard and his position as head of several collapsed financial enterprises.

As I said, it rambles on like a ill conceived sentence looking for a full stop and since it does we will focus on just one of the bald faced lies that it contains and we have looked at before.

Supporters of Hubbard have long been pushing the untruth that Simon Botherway was involved in a conflict of interest regarding the winding up up his brothers interests in several bars and that South Canterbury Finance made the crucial first move to put his brother into receivership:

"An early demonstration that conflicts were not managed is now well known as the “Simon Botherway conflict”. Three days following the announcement of the statutory management and Serious Fraud Office investigation, media reported that Simon Botherway’s brother had his business placed into receivership by South Canterbury Finance. As a consequence of the receivership action the brother was adjudicated bankrupt on 14 June 2010.

Simon Botherway’s role as a member of the Commission was pivotal in the recommendation to place Allan Hubbard into statutory management and under investigation for fraud. Simon Botherway was also the Chairman of NZ’s newly established Financial Markets Authority. He was therefore one of the most senior members of the Commission.

During 2009 South Canterbury Finance took receivership action against the brother of Simon Botherway. The receivership was valued at approximately $6.6m. On 14 June 2010 the brother was placed into bankruptcy (www.insolvency.govt.nz). On 20 June 2010, 6 days after his brother’s bankruptcy order, Simon Botherway recommended Allan Hubbard be placed in statutory management and be referred to the Serious Fraud Office for investigation. Given SCF’s receivership action against his brother and the consequential bankruptcy of the brother, Botherway should not have had any role to play relating to any regulatory action against Allan Hubbard. Botherway’s conflict is clear and there can be no denial that it was real". June 23, 2011 Hubbard Supporters Report

Some of the above is factual, the following points are crucial to the above and they are the facts around what actually happened in relation to Botherway's brother but missing from the supporters report.

* South Canterbury Finance did not put Mr Botherway's brother into receivership as is widely accepted in the majority of media reports and the media is apparently the source of the June 23 2011 report.

* NZB (NZ Breweries) appointed a receiver on Friday 26th of June 2009. Their receivers sent a fax to SCF about 11am that morning giving them until 2pm to respond, SCF had no option but to appoint their own receivers to Merivale Ale House (Auckland Bars).

* A week later PWC advised SCF to place the South Island bars in receivership so they could control all the businesses.

Read the publicly available Receivers Report

* The investigation was led by the Companies Office and to the knowledge of my source* there were no Sec Com staff involved in it, and there were no Members of the Commission involved.

* Botherway didn't author any report on Aorangi or any of the other parties recommended for Statutory Management as widely reported and pushed by Hubbard supporters.

Clearly, if Botherway had a beef with anyone it would NZ Breweries and not SCF but of course that wouldn't nail the poison pen point home.

It just goes to show one should make sure one checks ones facts before laying ones hairy paws on ones computer keys.

Just an update with wee comment by Fran O'Sullivan on my Facebook Page on this "Report."

They should fact check first.
11 minutes ago · · ·

* Wishes to remain anonymous.

Allan Hubbard Saga

Full SFO Statement on SCF Fraud Investigation

Hubbard Letter to Simon Power

Download Grant Thornton Report 1
Download Grant Thornton Report 2
Download Grant Thornton Report 3
Download Grant Thornton Report 4
Download Grant Thornton Report 5
Download Grant Thornton Report 6
Download Grant Thornton Report 7 - Aorangi Securities
Download Grant Thornton Report 7 - Hubbard Management Funds

Join the Put Allan Hubbard Away Facebook Group

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