SCF

The case against five people charged with committing New Zealand's biggest white-collar fraud went back to court this morning and now all defendants' names are known and a date was set for the next stage.

All five defendants in the Serious Fraud Office prosecution of South Canterbury Finance associates have now been identified.

Supporters of Allan Hubbard are calling for the head of the Serious Fraud Office to be dismissed after revelations that he handed out copies of the financier's book as a "booby prize'' at a staff Christmas party.

The collapse of South Canterbury Finance last year appears to have been unavoidable, according to documents released by Treasury yesterday. But deletions in the documents prevent a more conclusive picture.

Allan Hubbard and his supporters have written to Commerce Minister Simon Power asking for a review of the decision to put him in statutory management.

The receivers of South Canterbury Finance are joining two other major shareholders in Dairy Holdings to market a controlling stake in the South Island dairy farm owner.

The receivers of failed South Canterbury Finance cannot give any indication if unsecured creditors - possibly owed more than $8 million - will be paid.

Duncan Saville's reported $1.3 billion offer for South Canterbury Finance, timed to coincide with its receivership on August 31, appears to have been rejected after Treasury received advice that the deal was not necessarily the best one it could get, documents released yesterday suggest.

Failed South Canterbury Finance's 35,000 investors will be repaid the $1.6 billion capital and interest they are owed next Wednesday, following the company's receivership in late-August.

The complex web of loans and investments associated with South Canterbury businessman Allan Hubbard took a new turn yesterday with the statutory managers revealing a private investigator may be used to track down some borrowers.

First payments towards a total $350 million owed to South Canterbury Finance's bond holders started yesterday - 25 days after the southern lending giant was placed in receivership owing $1.6 billion to 35,000 investors.