Defence: Why did SFO let Nattrass off hook?

A former South Canterbury Finance (SCF) director has been accused of being a co-conspirator with the Serious Fraud Office, who avoided facing charges.

The accusation came from Marc Corlett, closing for the defence at the trial yesterday.

‘‘He was a director of SCF at the time of the entry into the Crown Deed of Guarantee, yet he was not charged. Of all the directors, he knew the most about the $150 million credit fa- cility . . . and yet he was not charged.

‘‘It is of no defence for those who were charged that Mr Nattrass was not, but the shifting approach of the SFO/Crown to Mr Nattrass; suspect, witness and unindicted co-conspirator, and the inconsistent treatment of the directors is symptomatic of an investigation and prosecution which has lacked rigour, clarity and consistency.’’

Nattrass was on the board from 2002 to 2009.

He was the first witness called by the Crown, when he gave evi- dence that he resigned from the board after a failed bid to have former chairman Allan Hubbard removed. He referred to Sullivan, McLeod and Hubbard as the ‘‘father, son and holy ghost’’.

At the time, the Timaru Herald asked Nattrass why he was not charged. He said the only people who could answer that definitively were those at the SFO.

‘‘The three defendants spent a lot of time with Allan and were loyal. I was based in Christchurch so my interaction was limited by comparison.’’