Financial Markets Authority Decision Disappointing
15 December 2011
FMA Decision Disappointing
The announcement that the Financial Markets Authority proposes to file civil proceedings against the directors of Hanover Finance is disappointing, says former Hanover Finance Chairman Greg Muir.
“The FMA investigators were given a substantial amount of evidence demonstrating that the directors conducted themselves responsibly, with appropriate rigour, and made judgements they believed were in the best interests of the company and its investors on the information available to them at the time.
“Reports from an expert forensic accountancy firm and the company’s lawyers concluded there was nothing materially untruthful in the prospectus and that there is no evidence of any misconduct by the Board,” Mr Muir said.
“The directors will be defending the claims when the FMA is in a position to provide further details.”
The directors do not intend to make any further public statement until after they have had the opportunity to review the FMA’s proceedings in the new year.