Allan Hubbard Saga: 60 Minutes Interview, Sept 23 2010 (UPDATED)

Source: TV3

In a 60 minutes interview with Allan Hubbard last night Hubbard claims an anonymous unsigned letter was the only reason Hubbard Management Funds and Aorangi Securities were put into statutory management and that he put $40 million of his own money into the latter to keep it afloat.

These two claims I now know are falsehoods and there will be more about that from this blog around these and other falsehoods, over the next week or so. There have been other complaints and any assets Hubbard says he put into either of these two entities were worthless and or wrapped up in inter party lending complications.

I feel sorry for the investors in those companies but like Allan they are blaming everyone else but the man responsible, Mr Hubbard.

Hubbard blames everybody else as well and specifically his fellow directors for not letting him invest in the stockmarket. He claims they wanted to invest in the property deals that ultimately led to the collapse of his empire.

The 60 minutes piece was filmed in Timaru during last weekends hubbardfest led by Paul Carruthers, formerly of the Standby Hubbard Support group.

A soft interview, without thorough investigation, designed to make Allan Hubbard look good.

Poor journalism.

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Thornton Report: Allan Hubbard's Aorangi Securities

I am not sure why Grant Thornton, the Statutory Manager of Allan Hubbard's Aorangi Securities, would be publicly releasing an interim report on Hubbard's company unless it provided a clear picture of what has been going on. It doesn't.

Best a complete investigation be done then publicly comment. Thornton's accusations have yet to be backed up by fact and while there maybe a basis for this investigation, parading it in the media before crossing the "I's" and dotting the "T's" isn't a wise move. Hubbards other business interests have and will be further affected by these claims

Having said that there are some serious issues that Mr Hubbard needs to address if true:

These are the main points Thornton has made:

1. Inter-party lending seems to have been rife with interest free loans flowing from charitable trusts to Hubbard business interests.

2. Security on some loans, while promised, seems to be missing in some cases.

3. Inadequate accounting systems


Many commentators have been calling for Mr Hubbard's neck in a noose over this but so far I haven't seen anything that would require he be run out of town. Not yet anyway.

Best they shut their mouths until the final report and any evidence is revealed.


Related Share Investor Reading

Download Grant Thornton Report

Whatever happened to? Muriel Dunn
Bothered by Simon Botherway
Allied Farmers: Prosecutions should be on the cards
Allied Farmers Fraud passes with little fanfare
Allied Farmers: What's it Worth?
Hanover, Allied Farmers deal more of the same
Jane Diplock Q & A Interview
Hanover's "White Knights" are really daylight robbers
Hanover collapse: It was just a matter of time
Money Managers Saga: 3 Story wrap
Money Managers gives First Step investors the middle finger
Greed is bad: Geneva Finance Folds
Financial 101: Learn before you leap
Kevin's Blog


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