Widow waits for access to finances

Jean Hubbard. File photo / Sarah Ivey

Jean Hubbard, wife of the late Timaru financier Allan Hubbard, is still in a financial straitjacket but she hopes to get out of it later this month.

Nearly two months after she became a widow, the 82-year-old remains unable to control her financial future and a state official gave no indication of any immediate change.

Alastair Stewart, communications adviser at the Ministry of Economic Development, said she remained under financial restrictions.

"Mrs Hubbard is still in statutory management," he said. Asked why, when indications were that she might be released following her husband's death, Stewart said: "We are not commenting on the statutory management while this process is ongoing."

But she hopes the freeze will soon thaw. Mrs Hubbard said this week that she felt a decision would be made in the near future - "one to two weeks".

Taxpayers look likely to take a $1 billion bath on the Hubbards' collapsed business, South Canterbury Finance, as asset sales fail to recoup anywhere near the Crown's $1.7 billion bailout.

A top bureaucrat has previously indicated he was considering overturning the asset freezing order against Mrs Hubbard. Registrar of Companies Neville Harris said in September he planned to talk to her and her advisers before making a final decision on the future of her statutory management. He had been considering whether to release the Hubbards from the freezing order as part of the review he commissioned into the progress of the statutory management.

"Mr Hubbard's death changes the position in a number of respects. It will now be necessary to consult with Mrs Hubbard and her advisers before this review can be completed," Harris said two months ago.

Allan Hubbard's death in September ended an 18-month long chain of events that began with Commerce Minister Simon Power putting the couple and some of their business interests under statutory management.

John Funnell, of the Leave Allan Hubbard Alone supporters' group, said he had not been in touch with Mrs Hubbard lately but there might be good reasons for the freeze remaining.

"My understanding is while it restricts what you can do, it also protects you against people taking any action against you."