Sunday, September 4, 2011

Allan Hubbard Saga: Does death mean the End?

It is very sad to hear the news that beleaguered businessman Allan Hubbard died on Friday in a serious car crash.

While readers know I am no fan of his it is always sad to see someone leave like this.

His reputation will be forever tarnished in the eyes of the public in general and those that lost money at his hands and we will be forever speculating as to the guilt, innocence or otherwise of an individual whose business empire collapsed under the haze of serious fraud charges, forgery, manipulation of accounts, fake investments and a record of inter-company lending that managed to hide the cracks in the veneer for a number of years.

Mr Hubbard was due in court next month to face charges laid by the Serious Fraud Office following a lengthy investigation into his failed finance company, South Canterbury Finance and the question remains as to whether charges can still proceed without Hubbard sitting in a courtroom.

The Serious Fraud Office now need to make a decision whether to proceed - if they can with any practicality - with the 50 charges against him so his supporters can get a decision either way as to Hubbard's culpability or otherwise and the question over his guilt will not linger forever and a day and he is eulogised as saint of sinner in lieu of his day in court.

There seems to be some conjecture over whether an estate can be charged in absense of the defendant but ultimately it will be up to the law, courts and Serious Fraud Office as to what happens next. In the balance of probability it looks like the case will be dropped.

Of course if charges cannot be proceeded with Allan Hubbard -or in this case, his legacy - will be legally off the hook because the SFO would not have a chance to prove his guilt in a court of law. Therefore he will remain forever "innocent".

However, the doubt will still remain.

*My best wishes go to Jean Hubbard & Allan Hubbard's family & his supporters.


Allan Hubbard Saga

Full SFO Statement on SCF Fraud Investigation

Hubbard Letter to Simon Power

Download Grant Thornton Report 1
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Download Grant Thornton Report 7 - Aorangi Securities
Download Grant Thornton Report 7 - Hubbard Management Funds

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