Good lord !It just keeps getting worse for Allan Hubbard and his collapsed empire and the NBR is now being forced by the Serious Fraud Office to disclose documents and evidence over an investigation by one of their journos into the Hyatt Regency and Hubbards part in it. The NBR have until 9.00am this morning to disclose or the editor could face a $15,000 fine and the publisher a $40,000 slap or up to 12 months in the pokie.
If you were not aware of the shenanigans over the development of the Hyatt Regency and South Canterbury Finance part in it you might want to read the Matt Nippert NBR investigation into it published a few weeks back. Here is an excerpt just to put you in the picture:
"A South Canterbury Finance director muddied related-party links to the company’s single biggest debtor by making his freezing worker brother-in-law the sole owner of Auckland’s five star Hyatt Regency hotel.
South Canterbury loans to redevelop the hotel ballooned to $42.3m and government receivers are likely to book multi-million dollar losses when they finally sell it.
According to documents filed with the Companies Office 66-year-old retired Christchurch meatworker Peter Symes was a director and the 100% owner of the company controlling the Hyatt between February 2009 and August 2010.
The company had formerly been owned by South Canterbury or its parent company Southbury Group.
Mr Symes – who suffers bowel and lung cancer – told NBR he is the brother-in-law of former South Canterbury director Edward Sullivan.
He confirmed Mr Sullivan approached him to become a director and shareholder in numerous Hyatt-related companies in December 2008.
“My understanding is I was brought in because there were too many people from one company [South Canterbury] involved,” Mr Symes said.
Mr Symes said he acted on Mr Sullivan’s instructions."
Dodgy as a whole shop full of 2 bob watches huh?
The SFO clearly must have any incriminating evidence that the NBR has but any sources must be protected by anonymity if this was the rationale for them giving evidence to the NBR from the get go.
Without that anonymity we don't get people willing to dob in the criminals and yobs that try and rip us good folk off.
Related Share Investor Reading
Full SFO Statement on SCF Fraud Investigation
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Allan Hubbard Saga: South Canterbury Finance to be investigated by the SFO
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Allan Hubbard Saga: 60 Minutes Interview, Sept 23 2010
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c Share Investor 2010
Excellent piece Darren; have link to it at Keeping Stock
ReplyDeleteHey nice one stocky, witty blog, I'm a follower now.
ReplyDeleteInteresting that at 2.00pm:
http://www.nbr.co.nz/article/sfo-demands-nbr-documents-refusal-risks-40k-fine-jail-131836
the NBR handed over documents to the SFO already made public by the NBR in previous articles.
Perhaps the SFO should buy an NBR sub :)