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Accountability needed over Hanover-Immediately

Media Release: 12 November 2009

EUFA
(Exposing Unacceptable Financial Activities Inc Soc)
www.eufa.co.nz

The cop out and lack of intervention by Government and Authorities by saying the Hanover moratorium that investors voted for now stops intervention is intolerable.

The Directors can be held to account as the investors votes do not absolve the company from compliance to the law e.g. the companies act. The individuals are bound to the companies act and action needs to be taken immediately.

Various commentators and the EUFA organisation predicted that Hanover would fail to meet their commitments but investors were conned/blackmailed by the PR machine which included the PriceWaterhouseCoopers report.

The PriceWaterhouseCoopers report and the personal statements by John Waller at the Moratorium meeting gave false confidence to investors. It also gave a false message to the various bodies watching the process.

Coordinator of EUFA, Suzanne Edmonds said from Tauranga today “PriceWaterhouseCoopers have something to answer for here as they marketed the moratorium to investors who fell for the buying of time. The Trustees, Government and Authorities will have to be burning the late night oil to get out of this mess that they allowed investors to be trapped into.”

The Governments “sympathy” to individual investors is patronising and offers a diversion to the Governments obligations. Once again EUFA call on the Government and the Securities Commission to put Hanover into Statutory Management immediately. They must take the control away from the perpetrators and do their duty to protect the investors.

END

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