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Hotchin's assets frozen on Commission request

Hotchin's assets frozen on Commission request

News release, 15 December 2010

The High Court, on application from the Securities Commission, has granted a freezing order with respect to New Zealand assets believed to be associated with former Hanover director Mark Hotchin.

The application was granted without notice to Mr Hotchin on Friday 10 December 2010. Mr Hotchin intends to apply to revoke these orders. A hearing in that respect is expected in February 2011.

The action was taken under sections 60G and 60H of the Securities Act with a view to ultimately freezing sufficient property and assets of Mark Hotchin to meet any civil claims that may be brought by investors. Any such claims would relate to those who invested in Hanover Finance, Hanover Capital and United Finance on the basis of any disclosure documents that are proved to have included untrue statements.

“The Commission decided to take this action against Mr Hotchin after deciding it was in the public interest to do so, enabling us to preserve assets from being sold or transferred”, said Securities Commission Chairman Jane Diplock.

This is a purely preventive measure that is in no way indicative of civil or criminal liability or of the Commission’s views in that regard. The Commission’s investigation has not concluded.

ENDS



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