The five defendants accused in New Zealand's biggest corporate fraud case have been granted name suppression and an adjournment in Timaru District Court.
South Canterbury Finance
The biggest alleged corporate fraud case in New Zealand history will be called for the first time in Timaru today.
The $1.7 billion fraud charges involving South Canterbury Finance are expected to allege the company duped Treasury when it applied for admission to the Crown retail deposit guarantee scheme, the Serious Fraud Office has indicated.
The Serious Fraud Office (SFO) has laid charges following its investigation into South Canterbury Finance, SFO chief executive Adam Feeley said in a statement yesterday.
Land the Government "inherited" through its $1.7 billion South Canterbury Finance bailout may be offered to Christchurch residents forced out of their quake-damaged homes, Prime Minister John Key says.
The death of Timaru financier Allan Hubbard makes little difference to the ongoing sale of his businesses - but compassion is being exercised.
Receivers of South Canterbury Finance receivers have forced three companies of St Clair developer Stephen Chittock into receivership over a $1.5 million debt - just days after they were placed into voluntary administration.
South Canterbury Finance is owed $188.6 million by two Allan Hubbard-controlled companies, but receiver McGrath Nicol is withholding further details so as not to prejudice any legal proceedings.
South Canterbury Finance's receivers say they have reached a milestone with the sale of $100 million in commercial loan assets to the world's biggest finance company, GE Capital.
"Receivership appears to be the only alternative", insolvency specialists KordaMentha told the Treasury in a report just six days before South Canterbury Finance imploded into its billion-dollar demise.
Receivers of failed South Canterbury Finance have made their first major sale with a Canadian company paying about $160 million for Helicopters (NZ) Ltd, It was an asset ceded to South Canterbury by the finance company's founder, Allan Hubbard.
Sale processes for South Canterbury Finance's commercial assets were well advanced, Finance Minister Bill English said yesterday, through a spokesman.
There were no good offers for South Canterbury Finance, Prime Minister John Key said today as Labour argued a spike in the cost of the Retail Deposit Guarantee Scheme due to the company's collapse was avoidable.
The receivers of the Allan Hubbard family-controlled Southbury Group Ltd say accounts for the company prepared by the Timaru businessman were incomplete and unreliable.
A statement by Timaru businessman Allan Hubbard that he is in advanced talks to take over Hubbard Managed Funds by the end of the year has caught the statutory managers of his affairs by surprise.
The receivers' first report into South Canterbury Finance shows a shortfall of nearly $315 million, with assets of $1.39 billion and liabilities of $1.71 billion.
The statutory managers of Allan Hubbard's business affairs have issued their fourth report on progress in unravelling his complex business affairs.
The Serious Fraud Office has launched an investigation into South Canterbury Finance (SCF).
South Canterbury Finance got itself into trouble by lending money to people who couldn't pay it back and on assets that had no value, and many of the loans were now bonfire material, Prime Minister John Key said today.
South Canterbury Finance driving force Allan Hubbard has seldom given interviews about his life, but during a private encounter one evening two years ago, after meeting Prime Minister John Key at his Timaru offices, he opened up about his early years.