Allan Hubbard. Photo / Supplied
Supporters of Allan Hubbard are ramping up the campaign to clear his name, lodging a complaint over what they say is a conflict of interest behind the decision to investigate the embattled businessman.
But the Securities Commission, which recommended to the Government that Hubbard, 82, and wife Jean be placed
into statutory management, has rejected any suggestion of conflict.
The Hubbards' companies, Aorangi Securities and Hubbard Managed Funds, and seven charitable trusts have also been placed into statutory management as the Serious Fraud Office probes their financial affairs.
Angered by the handling of the investigation into the South Island's richest man and foremost philanthropist, Hubbard supporter Paul Carruthers yesterday laid a complaint with the Office of the Ombudsmen.
The complaint alleges Securities Commission member Simon Botherway did not declare a conflict of interest in relation to his brother, whose companies were last year placed into liquidation by South Canterbury Finance - which Hubbard chaired.
"We are clearly requesting in the complaint that Simon Botherway, on the balance of the evidence that we are presenting, be stood down immediately for his involvement in the decision-making process to take the actions against the Hubbards," Carruthers said.
If an investigation verified the conflict of interest allegations, he said, Botherway should be dismissed.
The commission said Botherway had declared he might have a potential interest in matters relating directly to South Canterbury Finance because of his brother's dealings with the firm.
But the statutory management order did not apply to South Canterbury Finance, and on that basis the commission was satisfied Botherway did not have a conflict of interest in relation to Aorangi Securities, Alan or Jean Hubbard, or the charitable trusts.
Hubbard told the Herald he figured the complaint had been laid because people were "pretty brassed off" at what had happened to him.
