Originally Posted by COLIN
"Securities commission spokesperson Roger Marwick said chairwoman Jane Diplock was made aware of the connection yesterday, five days after the recommendation was made to the minister to put Hubbard's business interests into statutory management, but did not believe there was a conflict of interest.
"There is no conflict of interest in this issue BECAUSE THE STATUTORY MANAGEMENT DOES NOT AFFECT SOUTH CANTERBURY FINANCE." (my capital letters.)
I am incredulous that such a ridiculously naive statement could be made, on behalf of the body that is supposed to be overseeing the conduct of the securities market in this country. The Statutory Management notices might not have included South Canterbury Finance in word, but they certainly have in effect, as borne out by Standard and Poor's immediate downgrading of their credit rating. And, if SCF is not part of "Hubbard's business interests" then I'm a Martian.