More than $2.2m has been transferred to Rod Petricevic's family trust from a Bridgecorp-related finance company of which he and his wife were the only directors.

Supporters of embattled financier Allan Hubbard are fighting to help clear his name and have kicked off with an advertising campaign.

Allan Hubbard believes he would not have been put into statutory management and investigated by the SFO if John Key had been in NZ.

It matters not one whit that Hubbard stood aside from active involvement in the company earlier this year.

South Canterbury Finance loaned money to two entities under investigation, its chairman says.

Standard & Poor's has lowered the credit rating of South Canterbury Finance, on concerns about Allan Hubbard.

Sth Canterbury Finance has stopped accepting deposits while it changes its prospectus.

Hubbard is defending his actions, while one investor says he had been told he was investing in a "trust fund".

The Govt yesterday moved swiftly to seize control of millionaire South Island financier Allan Hubbard's affairs.

Several entities run by veteran Timaru financier Allan Hubbard have been placed in statutory management over irregularities involving investments worth $134 million.

Blue Chip co-founder Bob Bangerter considers the finance company's "saga" over and is now working as a property consultant under the name Bob James.

The SFO has accused Bridgecorp director Rod Petricevic of making fraudulent payments totalling more than $1 million to a "sham" business run by a personal acquaintance.

Rod Petricevic is to face charges relating to the fraudulent acquisition of a $1.8 million luxury boat and another matter, the SFO said today.