11 May 2011

Allan and Jean Hubbard have today filed judicial review proceedings at the Timaru High Court challenging the decision to place them into statutory management and seeking orders that they be removed from statutory management.

On 20 June 2010, Aorangi Securities Limited and seven charitable trusts were placed into statutory management, and Allan and Jean Hubbard were also placed into statutory management as "associated persons" of those entities. The judicial review proceedings seek to remove Mr and Mrs Hubbard from being personally subjected to statutory management. The grounds of judicial review include:

(a) the relevant legislation cannot be applied to human beings, as opposed to corporate entities or trusts;
(b) the process followed by the Crown in imposing statutory management was flawed; and
(c) the information used to justify the imposition of statutory management was unsound and inadequate.

Since they were placed into statutory management, Mr and Mrs Hubbard have sought to cooperate with the Statutory Managers and the government to respond to their concerns and to have Mr and Mrs Hubbard removed from statutory management. They regret that these discussions have not been productive and feel that, after almost 11 months of being subjected to statutory management, they are left with few options other than filing judicial review proceedings.

Mr and Mrs Hubbard remain hopeful that a negotiated outcome can be reached and will continue to cooperate with the government and the Statutory Managers to have them removed from statutory management.

Mr and Mrs Hubbard will not be making any further comment.

ENDS

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