"Business as usual in these corrupt little islands"

We have covered the Alan Hubbard case on this blog HERE and HERE.

This is the response to today's news from Alan Hubbard's greatest advocates:

“It means I was right all along but as per usual most people will be too thick to connect the dots. It means it wasn't a Ponzi scheme despite the government's rhetoric. It means every self respecting journalist in New Zealand should be demanding that the government and it's "advisors" explain themselves in light of the travesty of justice they perpetrated against Alan. It means that it is business as usual in these corrupt little islands. It means most people won't ask the hard (or right) questions. It means nothing will change, but from my point of view, it means vindication”

---  Paul Caruthers

Money back promise for Hubbard investors

Investors in failed finance company Aorangi Securities Ltd have finally been told they will get their money back - but they don't yet know when.

Radio NZ,

2 May, 2013

Investors stood to lose $96 million in the company, which had been placed in statutory management in 2010, before the death of owner and Timaru businessman Alan Hubbard in a car crash.

The question of who is entitled to the money has recently been the subject of a High Court trial involving some investors and Mr Hubbard's widow Jean Hubbard.

On Thursday afternoon, Mrs Hubbard and statutory managers Grant Thornton announced that a confidential settlement had been reached. Court proceedings set down for 20 May have been discontinued.

In a statement, they said the terms of the settlement are confidential - but it is expected to return most, if not all, of the Aorangi Securities Ltd's capital over time.

However, investor John Rodger wants to know how long it will take to get it back and how much more money will be eaten up by statutory managers' expenses.

"Just how long is that going to take? We've been waiting three years now and I think that we should get more clarity on the length of time that the money's going to be paid out."

Mr Rodger said preparation for the court action alone has already cost him a lot of money.

Grant Thornton has not returned calls from Radio New Zealand but has said it will update investors in August.