count of obtaining by deception. He had pleaded not guilty and was due to face trial in June.<\/span><\/p>\nHis lawyer, John Billington QC, confirmed his client died on Wednesday.<\/p>\n
Billington said he was disappointed interim name suppression – obtained on the basis that publicity about the case was adversely affecting his clients’ health – was discontinued in October.<\/p>\n
“It seems to have been a self-fulfilling prophecy,” he said, before adding: “On the other hand he was 83.”<\/p>\n
Billington said he remembered Hutchison as a “really lovely man” and his loss would be most keenly felt by the Samoan community in Auckland and Samoa.<\/p>\n
Hutchison’s niece, New York-based artist Taisha Hutchison, said her uncle was a “deeply philosophical, humble and kind man” who had grown up in a modest home in Wellington before later marrying a Samoan chief.<\/p>\n
She said he had helped established Western Union in Samoa and through the Pacific.<\/p>\n
Hutchison had studied at Victoria University and worked with the International Monetary Fund and Asian Development. He was also a former director of CBL.<\/p>\n
The SFO, supported by the Financial Markets Authority, had sought immunity from prosecution for Hutchison but this application was declined by the Solicitor-General.<\/p>\n
The charge relates to alleged obscurement of a \u20ac12.5 million ($20.7m) loan from CBL to now-liquidated Danish company Alpha Insurance in 2014.<\/p>\n
The SFO alleges a series of transactions were engineered to make it appear the lender was Federal Pacific Group – a company founded owned and directed by Hutchison.<\/p>\n
The SFO alleges the \u20ac12.5m was deposited with the National Bank of Samoa – which Hutchison was also a director of – which then transferred the money to Federal Pacific before it was advanced to Alpha.<\/p>\n
He was the third person appearing in court over the failure of the NZX-listed CBL, after the company’s former executives Peter Harris and Carden Mulholland were charged with multiple offences – including over the Alpha-Federal Pacific transaction – in December 2019. Both have pleaded not guilty.<\/p>\n
Complications of Covid lockdowns during the past two years have seen the separate trial, of Harris and Mulholland, expected to run for eight weeks, delayed until 2023.<\/p>\n
CBL had a market capitalisation of $747m at the time of its collapse in early 2018. The year earlier Harris, its chief executive, had been named EY’s Entrepreneur of the Year.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Alistair Hutchison, one of three men charged<\/p>\n","protected":false},"author":3,"featured_media":148076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\n
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