SFO Hubbard decision due by Xmas

Allan Hubbard. Photo / The Listener

The Serious Fraud Office (SFO) has finished investigating Timaru businessman Allan Hubbard and is near to making decisions.

SFO chief executive Adam Feeley told the Timaru Herald newspaper that the investigation was no longer active. "We are weighing up a few things," he said.

"We have said all along this should be concluded by Christmas and as each day passes we are getting nearing to a conclusion."

Companies and trusts associated with Hubbard were placed in statutory management on June 20.

South Canterbury Finance (SFC), which Hubbard founded, was not part of the statutory management and collapsed later, triggering a $1.6 billion payout from the Crown retail deposit guarantee scheme.

The statutory management is controversial and Mr Hubbard has many supporters.

The government carried out a "controlled demolition" of Mr Hubbard and SFC on a timetable designed to do it the least political damage, a recent biography of Hubbard by Virginia Green said.

- NZPA