Rates Round Up: C+M directors to fight charges
Hubbard supporters lobby MPs; Capital + Merchant directors vow to fight charges; Credit Sails probed.
Monday, December 13th 2010, 7:27AM
by Benn Bathgate
Hubbard supporters lobby MPs
Allan Hubbard has had his human, civil and legal rights breached as a result of the investigations surrounding his financial empire, according to a letter sent to MPs from a group called the Hubbard Support Team.
The letter claims Hubbard has not been assured legal recourse due to the refusal of statutory manager Grant Thornton to pay Hubbard's lawyers.
The letter writers also claim Hubbard has been the victim of media harassment, with claims the media "consistently presented an overwhelming bias against Mr Hubbard since reporting on the statutory management and Serious Fraud Office investigation(s) in relation to him."
Articles on Hubbard in the wake of the SFO announcement of an imminent arrest regarding a Ponzi scheme - since revealed to be unrelated to Hubbard - were "not only a breeding ground for speculation, but also defamatory."
The writers call on Commerce Minister Simon Power to "ensure that any infringement of the Hubbards' rights, and the rights of their investors, is rectified immediately."
Capital + Merchant directors vow to fight charges
Two former directors of Capital + Merchant Finance, Wayne Douglas and Neal Nicholls, have promised to "vigorously" defend themselves against charges laid by the Serious Fraud Office (SFO).
The men said the charges appear to relate to a loan transaction made in 2002 on a Palmerston North property in which a fully secured loan was repaid in full in 2004 without loss to Capital + Merchant or its investors.
The pair say the loan met normal business lending criteria, and that the charges are baseless.
"We are surprised and disappointed that charges have now been laid in relation to this particular transaction," said the former directors.
"We see no other option but to vigorously defend these charges and our reputations."
Commerce Commission to probe Credit Sails
The Commerce Commission has announced it is investigating the 2006 Credit Sails bond offer.
The offer raised $91.5 million in June 2006 but was subsequently deemed worthless in May 2009 after massive losses in its investment of collateral securities.
Retail deposit scheme extended
The Treasury has approved Marac Finance, PGG Wrightson Finance and Fisher & Paykel Finance for the extended Government Guarantee Scheme.
The extension is set to expire on December 31, 2011.
Eligible non-bank depositors will be covered up to a maximum of $250,000 per depositor per institution.
Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz
| « Standard & Poor’s lowers Broadlands Finance credit rating | Broadlands expected to show dramatically improved result » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
