South Canterbury Finance Limited

[Alan3285]

http://www.sharechat.co.nz/article/d...25-report.html

Sounds like ING!

Alan.

[fungus pudding]

Sounds like ING!

Alan.

Or Madoff junior ?

[minimoke]

http://www.sharechat.co.nz/article/d...25-report.html

Oh dear - that makes tragic reading. Those poor investors who rely on AH have been duped. How could you in good conscience put Grannies on-call cash into a long term farm mortgage with no income to pay the interests. And what about "those statements included investments and cash balances, which did not exist." Money going into venture capital, unlisted companies and trusts that don't pay interest - your sophisticated Timaru investor had no idea!

So where to from here. That is a huge dent in the SCF brand. Today Sandy needs to cut all ties with AH. The "President for Life" has to go. The controlling shareholding has to change. Any mention of AH involved in negotiations with new equity need to go. The cat is back on Jelly meat.

[CJ]

Or Madoff junior ?

"HMF has deposits of about $82 million and is invested in public company shares, venture capital funds and unlisted companies. The total value of HMF is at least 25 per cent less than reported by Mr Hubbard to investors in the March 31 statements this year.

"The reason for this is that some of those statements included investments and cash balances, which did not exist."

The value of the fund was likely to have suffered further losses since the end of March, from a the weakness in markets, the managers said.

"The investment profile is not consistent with what would be appropriate for a typical investor in HMF. There is a lack of blue chip investments and the composition of the fund's portfolio generally means that the fund is high risk in nature."
http://www.nzherald.co.nz/business/n...ectid=10669199

This does not look good.

edit: i just read the report. AS is riddled with related party loans. Loans to farms seem questionable and the loan to the charitable trust of $24m appears to be secured over interest free loans which need to be written down to $9m.

From reading the report, I think it is fair to say AH equity in both of these entities has been wiped out.

[fungus pudding]

This does not look good.

http://www.nbr.co.nz/files/Aorangi%2...rt%20FINAL.pdf

[minimoke]

From reading the report, I think it is fair to say AH equity in both of these entities has been wiped out.

You're assuming of course AH actually had equity in there and if he really does have $40m on hand

[minimoke]

Sounds like ING!

Alan.

Also sounds like Huljich Kiwisaver where he propped up the fund value

[fungus pudding]

You're assuming of course AH actually had equity in there and if he really does have $40m on hand

If in fact he was ever Sth Island's wealthiest man, as many claimed over the years.

[Beagle]

http://www.goodreturns.co.nz/pics/R1...port_FINAL.pdf

Full Report...I don't think I need to add anything to what's been said other than its a sad day for AH supporters

[minimoke]

its a sad day for AH supporters

Bugger the supporters!. Its the investors I feel very sad for. Heres just another example of a financier using other peoples money for his own ends and being very frugal and creative with the truth. These people are just wolves dressed up as sheep (or in this case perhaps cows) and unfortunately the human flock exhibit similarities to the sheep flock.