No Aorangi delay - SFO

Allan Hubbard. Photo / Supplied

The Serious Fraud Office will soon decide the next step in its investigations of Timaru businessman Allan Hubbard's Aorangi Securities.

Adam Feeley, the office's chief executive, said yesterday his office had now received information from Hubbard's lawyers, finished its investigations, would talk to Hubbard's lawyers and then make a decision.

That follows moves in December for the office to allow time for Russell McVeagh to produce information relevant to the investigations into Hubbard's Aorangi Securities, operated by him in conjunction with his Timaru accountancy practice.

"The company accepted funds from investors and invested those funds in property and other loans. The company was placed into statutory management on June 18 owing approximately 400 investors $90 million-$100 million," the office said.

Hubbard, owner of the failed South Canterbury Finance, has denied any criminal wrongdoing in relation to Aorangi.

Yesterday, Feeley said the case was proceeding as he had expected and there were no holdups.

"Any suggestion that the investigation is delayed or taking longer than planned is incorrect.

"We have been awaiting information that Mr Hubbard's lawyer wished to submit to us. We received this last week. There are likely to be some discussions with them regarding this information, after which we will proceed to make a decision on the matter," he announced yesterday.

The information presented by Russell McVeagh is understood to have included Hubbard brain scans but Feeley yesterday did not respond to questions about precisely what was presented.

Last year, the office said it had visited Aorangi's office in response to concerns raised by the Registrar of Companies and to establish an immediate working relationship with the statutory managers appointed to manage its affairs, and those of Hubbard and his wife Jean.