6 Oct 2010

Hubbard statutory management bungled - supporters

1:52 pm on 6 October 2010

Supporters of South Canterbury businessman Allan Hubbard say an independent assessment they've commissioned has revealed major errors in the reports by the statutory managers of several of his companies.

Mr Hubbard and his wife Margaret, their finance company Aorangi Securities and seven trusts were placed into statutory management on 20 June.

Since then, statutory managers Grant Thornton have released three reports since June detailing poor record-keeping and high-risk investments by Mr Hubbard.

However, a spokesperson for Mr Hubbard's supporters, Paul Carruthers, says independent scrutiny of the books has revealed serious errors by Grant Thornton, and the investments were performing well.

Mr Carruthers says the independent assessments, including a review by Price Waterhouse Coopers, show statutory management was unnecessary.

However, he says he cannot release his groups reports because there may yet be a judicial review.