Embattled Timaru businessman Allan Hubbard, who was placed in statutory management by the Government in June, has told his local newspaper that his treatment at the hands of the National-led government is reminiscent of the way the Nazis treated the Jews.
Hubbard told the Timaru Herald that he had seen copies of reports from the Securities Commission and Companies Office that formed part of the recommendation to Commerce Minister Simon Power that he place the business affairs of Hubbard, his wife, Aorangi Securities and seven associated charitable trusts into statutory management.
Hubbard said, however, that he couldn't release the reports because they were confidential albeit "basically totally incorrect." He claimed there had been NZ$40 million of equity in Aorangi, it wasn't insolvent and there were no grounds for statutory management.
"It is like the way the Nazis treated the Jews; they grabbed all their assets under trumped-up charges. You have to wonder who the National Government will pick on next," Hubbard was reported as saying.
The third report from the Statutory Managers was damning in its criticisms of the way Hubbard had run the funds and his financial affairs, detailing new losses, miserly returns, undocumented loans, interest free loans, related party loans and sweetheart rental deals.
The Serious Fraud Office is also investigating Hubbard and is expected to decide soon whether to charge him or close its investigation.