Is it just bad book keeping or criminal behaviour?

It is unclear to many whether or not the Hubbard companies have just been guilty of sloppy book keeping, or whether what has been reported could be a breach of various laws.

David Hillary blogs a list of potential offences under the Crimes Act. I stress this is not an allegation of guilt – just saying that on the reports made public, these are charges which could be under consideration. They are:

• criminal breach of trust
• theft by a person in a special relationship
• false statement by a promoter
• false accounting

He also says that other Acts may have been breached such as the Companies Act and Securities Act.

I’ll personally be very happy if it transpires that Allan Hubbard has not broken any laws, but that is a decision for the SFO and other authorities. As David Hillary blogs, the reports to date certainly indicate that it would be premature to conclude there is no wrong doing.