SCF woes sparked Hubbard complaint

"With all the problems of South Canterbury Finance we are worried about our investments," the complainant said in a February 28 letter to the Registrar of Companies. A heavily censored copy of the letter was released by the Securities Commission to the Hubbard Support Team, which is fighting to clear his name. The author wasn't indentified.

Aorangi Securities never offered an investment statement or prospectus, failing to meet regulatory requirements, the complainant said.

"How do these entities continue to operate without becoming a focus of your organisation's enforcement arm?"

Around the time the letter was sent, South Canterbury flagged a $1.1 billion dollar hole in its maturity profile as debentures came due before the guarantee expired.