Help comes for Hubbard investors

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Thu, 29 Jul 2010 6:27p.m.

Peter and Melva Gould

Peter and Melva Gould

Help may be at hand for investors who have had their funds frozen in the Allan Hubbard inquiry.

Shortly after 3 News spoke to a South Canterbury couple who couldn't even pay their power bill, authorities advised them they'd deposited $1,000 in their bank account.

Commerce Minister Simon Power also announced he was appointing an independent middle man to improve communication between the investigators and struggling Hubbard investors.

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Comments

31 Jul 2010 06:06a.m.

Bobby2010 wrote:

It's truly amazing the govt is dragging its' feet with this Hubbard's case with the whole nation keen to know the charges and the Hubbards' investors needing their interest incomes for living expenses!!! Meanwhile the other Swindlers are leaving the country leaving mum and dad investors high and dry !!! Shouldnt these crooks be put under statutory management too? I am sure the govt can dig out more dirt from their books!!! Oh yes they lost their books and get away with a small fine and home detention like the Blue Chip Swindler !!! I am of the opinion that the govt should deal with the Conflict of Interest to send a signal to those in authority who should get sacked for abusing their powers!!! I hope Mr Power know what his name means hehe

29 Jul 2010 08:22p.m.

Beware of the Dog wrote:

As mentioned in my previous comment, Grant Thornton do not seem to have any experience in statutory management. People invest in Mr Hubbard because of 60 years of stability. The government has attacked him on grounds of "recklessness". Appointing an unplanned last minute intermediary seems to be reckless action because Grant Thornton doesn't know how to do their job. Hon Simon Power is making the law up as he goes along.

29 Jul 2010 07:02p.m.

Bobby2010 wrote:

The pre-empt strike on the Hubbards with statutory management has cause unnecessary hardships for their investors as illustrated in the Gould's case. The Securities Commission could have done a far far better job to write to the Hubbards to account for their investors investments and let the Hubbards do their housekeeping as they have the means instead of pouncing on them like they are PONZIs. After all, isnt the Govt the biggest PONZI by constantly rolling over billions of debts every so often????