I think you are to something there mate
THERE ARE TWO SETS OF BOOKS !!!!
and holy **** ... the Stat Man has got the wrong set ...... and the murkier all this becomes prob a Swiss bank account as well
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To all those interested ... here is a copy of the letter I intend to address to my MP. I'd appreciate any comments for improvement.
Quote:
Originally Posted by Enumerate's Allan Hubbard Royal Commission Letter
So what is surprising about that, in today's climate, Roger? How many IPO's have you seen on the NZX lately? I haven't noticed any. M & A activity? Same story (apart from the sale of Shell assets, which is a unique situation). Subsequent postings of yours would seem to indicate that you have a good understanding of the general economic malaise that has gripped the world and is proving quite stubborn to shake off. I don't see any sale of these major assets happening any time soon, and I would be surprised if the recent senior appointee to SCF, who has specific responsibility for managing the equity investments, sees his appointment as a short-term one. Forced sales of these assets would be a diabolical outcome of the Government's blunderbuss actions.
I agree with Enumerate's observations that Sandy Maier has been "cool, calm and collected" in his responses to the exceptionally challenging tasks now imposed by the Statutory Management intrusion. Other posters have quoted from the relative article in today's Press, in regard to debenture rollovers, etc., but I also think that the following excerpts should be highlighted:
"While the statutory management of Hubbard had hurt the finance company, Maier says a report from the statutory managers doesn't point to dishonesty or lack of integrity by Hubbard. 'I was heartened to see there was an absence of any comment like that,' Maier said." ..............."we don't really have anyone stepping up publicly and saying Allan's been naughty about this, that and the other." ........."there was nothing in the report to change my mind about Hubbard."
I have little doubt that the eager hit squad at the SFO will be doing their darnedest to try and construct a case against the Hubbards, no matter how trivial the matters that they might be able to eventually raise. The stakes are mighty high for them, and they are at real risk of getting ovine deposits all over their fresh young faces. Allan H, in tonight's interview on TVNZ, said something along the lines that the Head Sherang of the SFO personally headed up the hit squad and gave the clear impression that he thought he had finally landed the biggest crook in the game!
THREE OF THE SHORTEST BOOKS EVER TO BE WRITTEN:
1. Snakes of Antarctica.
2. The Australian Book of Etiquette.
3. Allan Hubbard: The Century's Greatest Fraudster.
I am starting to think that by now the Statutory Manager should have some sort of case together and that as Enumerate says the gravity of the action demands an explanation pretty quickly. Otherwise the business is too tainted even if they do eventually pack up and say 'Oh sorry, carry on then..."
Or if they need time to investigate they should give him his business back and work alongside so as to prevent more damage to his legitimate business (innocent until proven guilty.)
I tend to think there should be more of an indication given of what they are looking for as well. If they suspect fraud they should say so and lay a charge. If they're not confident enough of finding the information to carry that charge through into a successful conviction then they shouldnt have him in SM anymore
You miss an important point - putting AH into SM means that he is already deemed a risk and 'guilty' in that sense. The case is being built against him - read the SM Report carefully.
Like it or not, that's how SM works and has worked in the past. No point you guys having a go at the SMs - they are appointed by the government. They are moving as fast as they can with the poor state of paper work by AH.
Even Sandy Maier (an ex-Statutory Manager) acknowledged that.
Excerpt : "Yesterday, Maier praised Grant Thornton for its timing and said people would be anxious for the next report due mid-August.
"It's good the report came out fairly soon. At least it's a start," Maier said."
Finally, let's remember who is putting at risk hundreds of millions of taxpayers' money through the mismanagement of SCF?
Balance basically has one idea ... and it is wrong.
The government instituted the scheme, the government sets the standards for entry, the government demands payment.
SCF are staging a near miraculous recovery. They are focused, they are hard working, they have effective leadership and an appropriate plan.
The single greatest threat to SCF is the government's "own goal" in terms of the Hubbard statutory management.
All these points have be raised, discussed ... Balance is not really paying any attention.
He is happy with his one idea ... and it is wrong.