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FMA Files Civil Proceedings Against Hanover Group
1 April 2012
FMA Files Civil Proceedings
Against Directors and Promoters of Hanover
Group
On Friday March 30 the Financial
Markets Authority filed civil proceedings against directors
and promoters of Hanover Finance Ltd, Hanover Capital Ltd,
and United Finance Ltd.
Proceedings under the
Securities Act have been filed against Mark Hotchin, Eric
Watson, Greg Muir, Sir Tipene O’Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the December
2007 prospectuses, subsequent advertising, and the March
2008 prospectus extension certificate.
FMA is
seeking declarations, pecuniary penalty orders and
compensation for investors who made investments during the
period 7 December 2007 to 22 July 2008. During this period
new investments and reinvestments totalled $35
million.
The Serious Fraud Office investigation
into matters relating to the Hanover Group is
continuing.
ENDS
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