“…Please say sorry for your reckless lending decisions and for hiring the poor management that allowed the institution you built to go on a lending spree funded by government guaranteed money through late 2008 and early 2009.
Please take responsibility for the poor credit assessment and record keeping you passed on to Chief Executive Sandy Maier when he assumed control of the company in late December 2009.
Please explain why you failed to declare publicly, except in the bowels of your annual report, that your bank BNZ had summarily pulled its funding line in mid 2009.
Please explain why you used a local accounting firm Woodnorth Myers & Co as your auditor for so many years instead of bringing in an outside firm to provide some oversight.
Please explain why Ernst and Young found you had overvalued your assets by at least NZ$43.7 million in the initial accounts you prepared for 2008/09.
Please explain why you chose to repeatedly lend to related parties of other companies and interests that you either personally owned or controlled.
Please explain why you represented an equity injection in 2009 as a real injection of fresh money when it was nothing more than a merry-go-round of assets for shares.
Please explain why you refused to be interviewed or engage with the financial press in any meaningful way for years.
Please explain why you thought making interest free loans to young farmers to buy overpriced land was a prudent way to run a business.
Please explain why you chose to run so many businesses yourself without any outside scrutiny.
A search of Companies Office records show you were or are a director and/or shareholder in 552 companies.
There are 1,690 companies registered from your offices at 39 George St, Timaru…” (cont..)
go to source/story>>>Bernard Hickey: Dear Allan Hubbard – Please say sorry and thanks – Business – NZ Herald News
