Originally Posted by
Enumerate
Key point is that SCF related party transactions are no reason, at all, to put Allan Hubbard, his wife, the cat ... the trusts and Aorangi into statutory management.
More generally, related party transactions are not cause for statutory management. Especially ones that are disclosed ...
The Gaynor blog was October 2009. Near the end of 2009 there was serious reason be concerned about the future of SCF. SCF, at that time, seemed to be in complete denial of the core issues it had to face. Management and directors were not up to the task.
Since then, we have seen Maier take the reins. If you look at Gaynor's list - some entities have ceased to be related parties and others have turned into equity!
Balance, I insist that you agree with me on this point! Minister Power owes the NZ public and explanation as to why this outrageous step, statutory management of a respected SI investor, has taken place. This is not a minor commercial issue. This is about basic rights ... Allan Hubbard should be free to enjoy his property unless deprived of this right due to criminal behavior.
The burden of proof for criminal behavior and our laws of evidence prevent state authorities from conducting "fishing expeditions" looking for faults or problems. Minister Power is trampling on these rights, in the name of regulatory intervention under the Finance Act. What is next? Is he going to institute marshal law to enforce correct parking etiquette?