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
* 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.
Read the publicly available Receivers Report
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.
11 minutes ago · · ·
* Wishes to remain anonymous.
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c Share Investor 2011
