Hanover/Allied Farmers - CommComm should intervene

Media Release: 19 November 2009
EUFA (Exposing Unacceptable Financial Activities Inc Soc)

Call for Commerce Commission to step into the Hanover Allied Farmers situation.

EUFA are calling for the Commerce Commission to become involved in the Hanover / Allied Farmers deal. All decisions from here on in must be made with independence. Investors no longer trust the so called independence of PricewaterHouseCoopers or other private companies that have been retained by Hanover.

If the Allied Farmers deal is in investor’s best interests it must proceed, but investors will not trust the propaganda machine that has got them to this point, including the robust Hanover advertising using Richard Long and the polished moratorium con job.

Authorities still have an obligation to investigate Hanover’s practices of the past. The process in which dividends were paid and investment moneys received at the time the company knew it was in trouble, cannot slide into oblivion.

The government have ignored investors caught up in the $6b crisis and put the problem in the “too hard basket” with a fear of the exposure of high profile associates.

List MP Mr John Boscawen, spoke in the House of Representatives about his concerns over Hanover but little has come of his efforts.

Hon Simon Power met with Suzanne Edmonds in August where the EUFA issues were raised on behalf of investors. Government protection, Director accountability, and law enforcement were key issues on the agenda but generally these serious issues have gone unattended.

Coordinator of EUFA Suzanne Edmonds said from Tauranga today “Simon Power has to act and a reported meeting he has with Bruce Sheppard today may spur him into action over Hanover at least.”

Bruce Sheppard's advice to vote against the moratorium was ignored by Hanover investors. He says it publicly as it is with no pretence which was perceived wrongly.

Mrs Edmonds adds “ Mr Sheppard is a colourful character and we hope he delivers some of that colour to Simon Power today as I think the rest of us are being far too nice at our own peril”

ENDS

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