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Minister says hands tied over Hanover - By whom?

Media Release: 15 December 2009

(Exposing Unacceptable Financial Activities Inc Soc)

Minister states his hands are tied over Hanover. But by whom?

On the twilight of the vote for the Hanover Allied deal EUFA members continue to call for Statutory Management of Hanover Finance Ltd, to ensure investors are protected.

The Minister of Commerce, Simon Power in a letter to EUFA, received today, made it clear the Securities Commission hold the key to his intervention.

The Minister states in the letter “ Before statutory management can be considered, I would need to receive a recommendation from the [Securities] Commission. I have not received a recommendation from the commission.”

The Minister goes on to expresses his confidence in the Securities Commission and that they “are keeping abreast of developments as they occur”, while investors express their concern at the Commissions failure to protect them.

Members continue to express concerns over the predicament they are forced into but have indicated they will most likely vote or have voted for the Allied deal based on having little choice.

One investor who requested not to be named said from Auckland today “ I feel so angry as one year on, again, I have a gun to my head over this investment that I was conned into.”

The investor put his life savings with Hanover only weeks before the company announced its troubles.

Coordinator of EUFA Suzanne Edmonds said from Tauranga today, “the Minister said the authorities need to consider what is in the best interest of the majority of creditors and investors, but it is obvious they have failed to consider investors needs thus far”


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