The two remaining unidentified defendants in the Serious Fraud Office prosecution of former associates of South Canterbury Finance are expected to be identified tomorrow.

Three of the five defendants asked to have their names revealed a few days after the case was first called in Timaru District Court last month.

They are former chief executive Lachie John McLeod, Terry Hutton and former finance officer Graeme Brown, all of Timaru.

The trio applied to have suppression of their names lifted to address what they said was speculation and rumour in Timaru.


The charges include theft by a person in a special relationship, obtaining by deception, false statements by the promoter of a company and false accounting, and carry maximum penalties of between seven and 10 years imprisonment.

Founder and former chairman of the company, Alan Hubbard, was also charged with 50 counts of fraud but was killed in a crash on September 2 last year.

South Canterbury Finance folded in August last year attracting a $1.775 billion government payout to investors under the Crown Retail Deposit Guarantee Scheme.

The prosecution is the largest case of alleged corporate fraud in New Zealand history and, with a raft of preliminary matters to be heard, is not expected to proceed to trial before the end of the year.