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Financier Allan Hubbard dies in car crash

07:30 Sat Sep 3 2011
MSN NZ
Failed South Island financier Allan Hubbard has died in a car crash (ONE News)
Failed South Island financier Allan Hubbard has died in a car crash (ONE News)

Failed South Island financier Allan Hubbard died yesterday following a head-on crash north of Oamaru.

The accident also left the 83-year-old’s wife Jean seriously injured. Mrs Hubbard is in Dunedin Hospital.

The accident occurred when the car the Hubbards were travelling in collided with a ute on State Highway 1 in Richmond at about 1pm.

Mr Hubbard died on the way to hospital, the New Zealand Herald reports.

It is a little more than a year since Mr Hubbard’s business, South Canterbury Finance, collapsed. The finance company, once New Zealand’s largest, went into receivership on August 31 last year.

This followed the Government's decision in June 2010 to place Mr Hubbard’s business interests under statutory management during a Serious Fraud Office investigation.

Earlier this year, Mr Hubbard was charged with 50 counts of fraud and related offences.

He was due to appear in Timaru District Court next month.