“…Questions need to be asked of the former management of failed company South Canterbury Finance, says the Shareholders Association.
Des Hunt, Shareholders Association corporate liaison director, said there was concern with activities in expanding the business and investing in areas known to be risky.
“The questions would be why were they still investing heavily in real estate –
- if that’s true then one would want to question the governance and what were the directors and management doing,” Hunt said.
“I can’t imagine he [Allan Hubbard] was the one who was out there looking for all these various investments.”
Sandy Maier, who in December was appointed as South Canterbury chief executive…
… this week said the company had ramped up its risky real estate loans …
… after it signed up to the Government scheme that protected investors’ money…”
go to source/story>>>‘What were bosses thinking’ – Business – NZ Herald News
