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Statement from Eric Watson re SFO Decision

Statement from Eric Watson re SFO Decision

“I am not at all surprised by this long-awaited decision.  I can now concur with the SFO's former CEO Adam Feeley when he said "the outcome will show the public that the right result has been reached", and with today’s announcement which records that the right and only possible decision has been reached.

“I have been confident from the outset that the Hanover companies were responsibly governed and managed.  I was not personally a director or officer but as a shareholder I invested heavily in quality people, advisers and processes to support that objective.  I continue to have absolute confidence in the calibre of Hanover’s directors and in their governance during what proved to be unprecedented market events not constrained to finance companies or to New Zealand.  All of the directors are highly professional individuals who are successful in their own right. The decision announced today finally sets the record straight publicly but I have to ask, what this investigation has financially cost the New Zealand public?

“This decision of the SFO after conducting such a thorough investigation is an important landmark and follows the FMA’s decision announced last year that its own investigation uncovered no basis for any criminal proceedings.”


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