Controlled demolition topples South Canterbury

A “controlled demolition” of Allan Hubbard and South Canterbury Finance (SCF) was arranged by the government on a timetable designed to create the least political damage, according to Hubbard’s biographer Virginia Green.

Tuesday, November 16th 2010, 12:43PM 5 Comments

"My conclusion is that there was a controlled demolition of SCF on a timetable that suited the government," Green said.

"They wanted to get control so that it could be dismantled quickly or, rather, it could be liquidated on a convenient timetable."

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Green claims the August 31 announcement that SCF had been placed into receivership was timed to be nowhere near an election as taxpayers had to fund the $1.6 billion bailout of SCF through the government guarantee scheme.

In ‘Alan Hubbard: A Man Out of Time' Green describes the rise and fall of someone revered in South Canterbury but misunderstood in other parts of the country.

Hubbard normally avoids public scrutiny and Green says when she started the biography three years ago neither of them could have imagined the subsequent events that led to the collapse of the company.

The book details Hubbard's poverty stricken childhood and reveals how at the age of six he decided poverty would not feature in his future after seeing his mother unable to pay the milkman.

"I decided I was never going to be so poor I couldn't pay the milkman," he told Green.

Through his flagship SCF company Hubbard achieved his aim and this year was reported to be worth $550 million, though now the cash is gone as have his companies, two of which are being investigated by the Serious Fraud Office.

Hubbard, his wife Jean and some of their firms were put into statutory management and the couple get an allowance of $1,000 a week - "more than they'd ever spent on themselves before," Green said.

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Comments from our readers

On 17 November 2010 at 9:55 am JD said:
"Green claims the August 31 announcement that SCF had been placed into receivership was timed to be nowhere near an election as taxpayers had to fund the $1.6 billion bailout of SCF through the government guarantee scheme."

Well no, the scheme expired on October 2010. The annoucement was one month before the expiry of the scheme and is the main reason for the timing.
On 17 November 2010 at 1:24 pm Bruce H said:
Alan has much to answer for - as a financial director he was a public disaster, and the only reason he ever had support from the South was because he was a fervent "mainlander" otherwise he would have been treated like and other greedy finance company director.
Once again the "JAFA's" pick up the pieces and the cost.
On 17 November 2010 at 5:07 pm AE said:
His companies were incompetently run, expanded outside their core too rapidly. Was a train wreck waiting to happen, and the one-eyed supporters of Hubbard and SCF want the rest of the country to pick up the pieces for them. Crazy.
On 20 November 2010 at 2:24 pm Kieran Trass said:
The books a great read about one of New Zealand's most caring men with REAL core values that have withstood the test of time and will continue to do so, unless no-one cares about good old fashioned values like Respect, Trust and Honour.

The last few chapters in particular are very revealing about the many 'players' involved in this sinister and corrupt business.

CATEGORICALLY I can say that time will prove Hubbard's not guilty of fraud but there is fraud here on a scale that is hard to comprehend until you realise who stands to gain from this avoidable tragedy.

There is a truckload of evidence to reveal how this fraudulent plot has unfolded, by whom and exactly why.

This is all about $$$,$$$,$$$ and we are talking hundreds of millions of dollars here, not peanuts.

Some may call it a 'corporate raid', but once you see who has done what, and their carefully timed actions, you will understand that it's actually a corporate GANG RAPE that has occurred.

Not only raping Allan Hubbard of his dignity, hard earned respect and wealth.
The NZ public have also been raped (via the Govt Guarantee) and now stand to foot the bill for the crimes committed here against all NZ.

The real criminals here include senior Government officials, wannabe Banksters and others feeding off the trail of greed.

The Hubbard empire cupboard was full of HUNDREDS OF MILLIONS of dollars and it was public knowledge that Hubbard planned to distribute his wealth back to the community via charities...

The Key 'players' had another idea for how that money should be distributed and have now executed their plan including the assassination of Allan Hubbards character ruthlessly to achieve their end goal.

John Key has bailed YOU IN not bailed you out!

Read the book and OPEN YOUR EYES!
On 25 December 2010 at 9:47 am Paul Carruthers said:
It's interesting how Allan Hubbard's critics NEVER question any of the government's actions - they just trot out the same old sh*te about how it's all his fault, as if they are reading from the NZ Herald, or quoting Bernard Hickey or Brian Gaynor (or other such talentless, unsuccessful commentators) verbatim.

Allan's supporters, the people of South Canterbury, the investors, are ALL taxpayers too, you morons.

When we finally see some balance in your story, we might consider viewing you as slightly more than retards.

When I see you INVESTIGATE the issues raised by Allan's supporters, and QUESTION the role certain govt officials have played in this, instead of trotting out the same crap you read in newspapers like it's the holy grail - then feel free to slag off his supporters.

Until then - stay stuck in your tiny, pea-brained minds.
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