Hubbard wanted to invest in shares

Allan Hubbard. Photo / Supplied

Timaru businessman Allan Hubbard has conceded South Canterbury Finance could have been "more prudent" and says he wishes fellow directors had followed his wishes and invested post-government guarantee cash in the stock market instead of property.

"With hindsight ... one can look back and say, in the case of South Canterbury, we could have been more prudent in other areas," Hubbard said in an interview with TV3's 60 Minutes screened last night.

Discussing the quality of investments, made with the influx of cash which followed SCF's acceptance into the Government guarantee scheme, Hubbard says it was his preference to invest it in shares.

Hubbard remained defiant with regards to regulators taking control of his private investment company Aorangi and associated trusts. He maintains that it would not have failed had it been left in his hands.

Hubbard also told 60 Minutes he didn't buy in to the conspiracy theories being put forward by some supporters.

Hubbard said he still aimed to get out of statutory management, redeem his reputation and pay people back their money.

- STAFF REPORTER