Hubbard investors' patience wears thin
Monday 3 Dec 2012 5:09 p.m.
Hubbard investors – after two-and-a-half years their patience is wearing thin.
So far, the several hundred, mostly elderly, investors have received 15 cents for every dollar they invested with Timaru financier Alan Hubbard.
This is separate from South Canterbury Finance, whose investors were bailed out by the Government.
The Hubbard investors had money in two other entities – Aorangi Securities and Hubbard Management Funds.
Mr Hubbard was killed in a car crash last year, but he always claimed that the statutory management imposed by the Government would be lifted, and all investors would receive what they put in.
That hasn't happened, and angry investors want to know why. They also say the money was there but that it's slowly being gobbled up by a government-appointed gravy train.
Watch the video for Jendy Harper’s full report.