A supporter erected this sign along Allan Hubbard's daily route. Photo / Jess Culling
The community of Timaru are rallying around embattled finance company man Allan Hubbard as he faces the biggest test of his career.
The Serious Fraud Office is investigating Hubbard's Aorangi Securities in response to concerns raised by the Registrar of Companies.
Statutory managers have been appointed to manage Aorangi's affairs,
and those of Hubbard and his wife, over irregularities involving investments worth $134 million.
Friends of the notoriously private 82-year-old say they are in shock at the investigation into the business affairs of a man they know to be a humble, upstanding member of society.
Close friend Albert Makary, who was with the businessman in the hours after news broke said Hubbard was a hero and role model in Timaru.
"This is a guy who has trouble spending $1000 on himself, but is happy to give away money to others," he said.
"It's just completely out of character to say this guy is fraudulent. I can't see how he could deceive a whole country for 60 years," he said.
Hubbard, who still drives around in his 1971 VW, despite amassing a fortune of hundreds of millions of dollars, is estimated to have given $200 million to charity over the years.
Makary said Hubbard had endured a sleepless Sunday night, but says he has done nothing wrong and believes government officials are misguided in placing several of his companies under statutory management.
Hubbard would part with his fortune before investors in his companies lost any of theirs, Makary said.
Meanwhile Hubbard was noticeably absent from a South Canterbury Presbyterian Support board meeting yesterday, but its chief executive said he had the organisation's full support.
Hubbard has served on the board of South Canterbury Presbyterian Support for more than 50 years, CEO Michael Parker said.
"From our point of view he has been a huge contributor not only to Presbyterian Support, but a huge number of places across New Zealand."
"This sort of stuff is hugely damaging for someone who has spent 82 years doing the right thing," he said.
- NZHERALD STAFF
