"Sly" doesn't really adequatly describe Hubbar and i'm at a bit of a loss for suggestions.
Heres what the Report says about Aorangi:"This process continues to be hampered by a lack of information including missing or non existent loan documentation and limited or no recent financial information from Aorangi’s borrowers. Additionally, various parties are claiming that subsequent deals have been agreed with Mr Hubbard but were never documented. Here I'd describe him as an incompetent bookkeeper.
Or what about this: "Investigation work continues into the $12.5 million transfers proposed by Mr Hubbard post statutory management. We have met with Mr Hubbard and agreed that $6 million is not part of Aorangi and to allow it would diminish the returns to investors. The $6 million was transferred in December 2009 to one of the entities recently placed into receivership. The remaining $6.5 million is being investigated to ascertain if the documentation supporting the transaction represents the position as described to us. Our concern is that an investor will obtain a preference at the expense of other investors." AH's proposal is clearly dodgy -and thats probably being generous. At the very least he did not and continues not to grasp who the money belongs to and where it has gone.
Or with regard to HMF: "The volatility of the New Zealand dollar against other key currencies and the current volatility of precious metals are also key factors." Here, i'd call AH delusional. He clearly was having difficulty with onshore dairy commodity values but here he is delving into FX and metals.
These matters are pointing to some mental imbalance or illness which a psychologist can probably describe. The Stat Man looks like it was, with even more hindsight, the right thing to do for investors.