Fran O’Sullivan has written a very strong opinion piece on SCF in the NZH here.
“The credibility problem that Feeley faces is that after four months investigating Hubbard’s smaller entities, he has still to make a decision on whether to file fraud charges against the SFO founder on that score.
When Feeley announced his initial Hubbard probe he went in with all guns blazing. But after several weeks of saying the SFO was close to making a decision, nothing has materialised.
Hubbard has major beefs with the process.
He has also taken issue with the way the statutory managers who have control of his own affairs as well as Aorangi Securities and other small entities are managing affairs. “It is like the way the Nazis treated the Jews; they grabbed all their assets under trumped-up charges. You have to wonder who the National Government will pick on next.”
There are too many layers of regulators, too may issues around the statutory management process, too many issues about the role of the Securities Commission, and frankly too great a contrast between the government’s handling of SCF and the plethora of other finance company failures, many with much more obvious concerns apparent to all.
One commentator to Fran’s piece says as follows:
“Just as intriguing. Why isn’t Feeley taking the same approach to Hanover, BridgeCorp, Hanover, Blue Chip, Hanover, Strategic, Capital & Merchant, and . Hanover? These are all prima-facie, far more obvious instances of self interested activity and related party dealings. Keep up the good work Fran.”
Or is there something else going on? Selective leaks from inside sources to settle old scores? A sad attempt to bury a frail old man while he is still alive?
Of course we cannot know everything about SCF. No-one does.
Only a full, independant judicial inquiry can answer these questions.
