Allan Hubbard

The Press reports:

South Canterbury businessman Allan Hubbard says he is “absolutely gutted” at the Government’s move to take control of his business assets.

“I have done nothing wrong and I’ve got a clear conscience,” the South Island’s richest man said last night.

The Government placed Hubbard, 82, and his wife, Margaret, under statutory management on Sunday, along with seven charitable trusts and Aorangi Securities, which is also under investigation by the Serious Fraud Office.

Hubbard is known for his frugal lifestyle and large charitable donations. He told One News that the Government’s action was “totally and utterly unreasonable”.

Allan Hubbard is known almost universally as one of the “good guys”. He has gone beyond what is required to help those who have invested in South Canterbury Finance etc.

However even those with good motives, can make bad decisions – and obviously the Securities Commission feels very strongly that intervention was needed.

Many people will be watching to see what emerges, especially the details of why intervention was needed.