South Canterbury Finance five ready to fight | Stuff.co.nz

Timaru lawyer Ed Sullivan and retired accountant Bob White are looking forward to their day in court and the chance to clear their names.

Name suppression for the pair ended at 10am yesterday, meaning the names of all five of the South Canterbury Finance (SCF) accused facing charges can now be revealed.

Between them they face 21 charges worth $1.7 billion laid by the Serious Fraud Office (SFO).

The other three accused waived their right to name suppression earlier.

They are former SCF chief executive Lachie McLeod, Timaru chartered accountant Terry Hutton, and former SCF chief financial officer Graeme Brown.

The five were to appear in Timaru District Court yesterday. However, the registrar received applications to remand the defendants to Monday, May 28 for a post committal conference.

All defendants have issued press releases through their lawyers denying the allegations and signalling they will be defended.

In a statement through his lawyer, Sullivan said he was innocent and would vigorously defend the allegations.

White's lawyer, Wellington QC Bruce Squire, said he was concerned about recent statements made by the director of the SFO to the news media about the nature and extent of the alleged offending disclosed by the collapse of SCF.

"These matters were only allegations still to be proved and that it was difficult to escape the conclusion that the director's comment seemed designed to raise the stakes in a way which might well be likely to be prejudicial to the defendants' right to a fair trial before an impartial jury."

SFO chief executive Adam Feeley said he had been very careful about what had been said publicly.

"I am not sure what he (Mr Squire) is talking about.

"We take great care to comply with the solicitor-general's guidelines on media comment.

"It is always a balance between the public's right to know and not prejudicing a trial," Mr Feeley said.

There was no indication when or where the trial of the five would be held, he said.

"We have had discussions with our lawyers but we haven't formed a firm view of where the trial should be."

SOUTH CANTERBURY FINANCE FIVE

Robert Alexander White, 68

Charges: Four. A charge of entering the government guarantee by deception, and three charges of failing to declare related party lending in prospectus of $64m to Southbury and Woolpak and $19.1m to Shark Wholesalers, and $39m to Hilltop Hotels.

Career: The retired Timaru accountant was a SCF board member and director 1993-2009. Former partner at Hubbard and Churcher accounting firm since 1971.

Director for (Allan Hubbard investment company) Aorangi Securities from September 2003 to July 2008.

Statement: Wellington QC Bruce Squire said his client believed it was appropriate it be known he was one of the five defendants charged. Mr White denied he was guilty of any criminal conduct or dishonesty and would defend the charges. Mr White looked forward to the trial when he would have the opportunity to establish his innocence, he said.

"Mr White was most disappointed to have been charged with offences arising from the collapse of South Canterbury Finance."

Edward Oral Sullivan, 70

Charges: Nine. Five for failing to declare related party transactions in SCF prospectuses; for $220 million to Southbury Group and Woolpak, $34m to Woolpak, $64m to Woolpak, $65m to Woolpak, and $19.1m to Shark Wholesalers.

One charge for transferring $6.8m worth of shares from Hellaby Holdings to Woolpak; one of inaccurately reporting impairment levels of $56.6m and $77.9m in a SCF prospectus; one of failing to declare $64m in related party transactions to Woolpak and one of entering the Crown deposit guarantee scheme by deception.

Career: Retired last year after 43 years at Timaru legal firm RSM Law. Was on SCF's board from 1990 to 2010.

Statement: "I am innocent of these allegations and they will be vigorously defended. I have nothing to hide but, unfortunately, because of the rules about discussing matters that are before the courts I cannot say anything more other than any wrong doing on my part is wholly denied.

"I look forward to vindication and moving on with my life."

Lachie John McLeod, 48

Charges: Five. Jointly charged with entering the crown guarantee by deception, and breaching the crown guarantee with an advance from SCF of $39m to Hilltop Hotels.

One charge of false accounting and transferring a loan from SCF of $10m to Kelt Finance, which was then advanced to Southbury.

A charge of creating a false entry after an advance of $25m from SCF to Hilltop Hotels, and a charge of theft by a person in a special relationship in relation to a loan of $12m from SCF to Dairy Holdings.

Career: Former SCF chief executive between 2003 and November 2009.

Statement: Lawyer Stephen Rennie said his client was disappointed the Serious Fraud Office had included him in the charges, which he would defend. "Those who know Mr McLeod will confirm he is an honest person and a solid community/family man."

Graeme Robert Brown, 44

Charges: One. Of false accounting and transferring a loan from SCF of $10m to Kelt Finance, which was then advanced to Southbury.

Career: Former SCF chief financial officer

Statement: Brown's lawyer Richard Raymond said: "Mr Brown was a former chief financial officer for South Canterbury Finance, a position he held for about three and half years before resigning in January 2010. He faces one allegation of false accounting, which he denies and he will be strongly defending the charge."

Terrence William Hutton, 59

Charges: Two. He is charged with false accounting and transferring a loan from SCF of $10m to Kelt Finance, which was then advanced to Southbury; and a charge of creating a false entry after an advance of $25m from SCF to Hilltop Hotels.

Career: Canadian-raised Hutton has been in New Zealand since 1976, previously worked for Hubbard and Churcher but is now a accountant for another firm.

Statement: Hutton's lawyer Jonathan Eaton has said his client also "categorically denied" the two charges he faced.

- ? Fairfax NZ News

Source: http://www.stuff.co.nz/national/crime/6412126/South-Canterbury-Finance-five-ready-to-fight

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