SCF

A man is due to appear in court on Friday charged in connection with the crash that claimed the life of South Canterbury Finance founder Allan Hubbard.

The case against five people charged with committing New Zealand's biggest white-collar fraud went back to court this morning and now all defendants' names are known and a date was set for the next stage.

All five defendants in the Serious Fraud Office prosecution of South Canterbury Finance associates have now been identified.

Supporters of Allan Hubbard are calling for the head of the Serious Fraud Office to be dismissed after revelations that he handed out copies of the financier's book as a "booby prize'' at a staff Christmas party.

Allan Hubbard could face up to 10 years in jail if found guilty on charges laid by the Serious Fraud Office.

South Canterbury Finance's three independent directors played a pivotal role in ousting company founder Allan Hubbard from the company's board last May.

The Government has failed the test of openness and transparency when it comes to dealing with the failure of South Canterbury Finance, a failure which could yet cost taxpayers more than $1 billion.

The collapse of South Canterbury Finance last year appears to have been unavoidable, according to documents released by Treasury yesterday. But deletions in the documents prevent a more conclusive picture.

The value of some of failed South Canterbury Finance's assets may be downgraded as a result of last week's devastating earthquake in Christchurch.

Allan Hubbard and his supporters have written to Commerce Minister Simon Power asking for a review of the decision to put him in statutory management.