20 June 2011

Statement on Hubbard Investigation

Media Release
20 June 2011

The Financial Markets Authority (FMA) and the Serious Fraud Office (SFO) have worked together closely throughout this investigation. The evidence on which the charges laid by the SFO today are based could also give rise to charges by FMA under section 59 of the Securities Act.

However after careful consideration, both organisations are satisfied that the charges laid by the SFO will address this matter in a way that is proportionate. This matter is more appropriately prosecuted by the SFO under the Crimes Act, without expenditure of additional public funds on a separate prosecution by FMA.

FMA has therefore closed its investigation into this matter, and has offered the SFO any ongoing assistance which may be required.

See SFO news release 20 June 2011