Share Investor: Matt Nippert

Monday, November 1, 2010

Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts

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.

The document above is farmer Andrew Morris’ signature to become a director of Winton Farm. Below is Allan Hubbard signing Companies Office paperwork as Mr Morris, as part of a significant assets transfer in May 2010

“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.

Allan Hubbard Saga: NBR VS the SFO

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.

Share Investor

Monday, November 1, 2010

Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts

Wednesday, October 20, 2010

Allan Hubbard Saga: NBR VS the SFO

Total Pageviews

Translate

Search Share Investor

Share Investor Blog Archive

Share Investor

Share Investor Portfolio Individual Shareholder Websites

Market/Financial News

Stockmarket/Business Blogs/Share Forums

My Favourite Reading