Letter to MPs from Hubbard investors/supporters
The following letter was sent to all MP's today, signed by over 150 of Allan Hubbard's investors and supporters, which can be verified by any MP or their secretary.
Dear Sir / Madam,
We are writing with regard to Allan and Margaret Hubbard of Timaru, their investors and supporters.
It would appear that Allan Hubbard has been singled out for investigative attention by the Securities Commission and the Companies Office, as well as the Serious Fraud Office - with the approval of Minister Simon Power.
Of particular note about the current investigation(s) into Mr Hubbard is that they were a) initiated as the result of an executive decision and not a court order, and b) are by their combined nature inherently designed to destroy the value of investor's funds.
Given that all of the information released by the SecCom, MED, and the SFO as well as the statutory managers appointed by the MED has been profoundly destructive to Allan Hubbard's reputation as well as his business interests and the confidence of his investors in their futures, we are forced to question why this is happening to Allan Hubbard when it has not happened to others.
Investigations and prosecutions relating to finance company collapses have almost invariably been after the fact, which is one of a number of ways that the treatment Allan Hubbard is being given differs from the way other finance company directors who have overseen a collapse have been treated before now.
It has become overwhelmingly obvious to the majority of people in New Zealand that Allan Hubbard has been singled out for "special treatment" that seems to differ dramatically from the way the directors of other failed finance companies have been treated by our regulators.
We wish to know why this has occurred, and we would like specific answers that do not represent an attempt to avoid the issue(s) we are raising.
While this issue remains a political football, in limbo between one side capitalising on the other's previous mistakes, and the other side struggling to claim the moral grounds to fight it, we have elderly investors, some of whom are contemplating suicide and suffering heart attacks from the stress this is causing, waiting to know their futures and wondering of it will be as bad as they think, trying to get their heads around starting again with nothing.
As you probably know, Allan Hubbard is in his 80's and also suffering ill health, which has caused us to question the course of action chosen by Minister Power in the first place.
We find the absence of any compassion toward Allan and Margaret Hubbard and their investors present in the government's actions deeply disturbing, and in many ways, ominous.
The media attention this issue has received has proven to be profoundly stressful and hurtful to Allan Hubbard and he has still not yet been charged with a crime.
A Facebook page has been started calling for him to be "put away".
While that may seem funny to some people, the discovery of that Facebook page has made some elderly investors, who have known Allan for decades, cry and suffer considerable anxiety for him and for their own future(s).
This is an overhwlemingly destructive situation that can only be described as complete unfairness and imbalance, the death of integrity and impartiality in our justice and regulatory systems.
While we acknowledge that recent headlines reveal that former Hanover directors may now face criminal charges it is impossible to ignore the stark differences between the way Allan Hubbard has been treated by the government and the way the directors of Hanover Finance and other finance companies which collapsed have been treated so far.
The questions this raises about the fairness, integrity and balance of our financial and economic regulatory employees can no longer go unanswered
The Government either needs to treat all finance companies and their directors the way it has treated Allan Hubbard personally, or face an inquiry into it's actions.
We demand to know why the Securities Commission and the MED, in conjunction with the Serious Fraud Office, are treating Allan Hubbard differently to the directors of other finance companies that have failed.
In closing, we remind you that Allan Hubbard is the only financier in history for whom hundreds of people have marched in support.
We, the undersigned (investors and supporters) of Allan and Margaret Hubbard of Timaru: