Hanover Finance confirms that it was advised by the Securities Commission on Monday 13 December that the Commission had obtained without notice freezing Orders with respect to certain New Zealand assets it believed to be associated with Hanover director M
Hanover Finance confirms that it was advised by the Securities Commission on Monday 13 December that the Commission had obtained without notice freezing Orders with respect to certain New Zealand assets it believed to be associated with Hanover director Mark Hotchin.
A power to seek such orders was introduced into the Securities Act in October 2006.
Freezing orders have not been made against any other director or former director of any member of the Hanover group.
Mr Hotchin is applying to revoke the orders and a case management telephone conference was held in chambers at the Auckland High Court this morning to discuss a timetable for hearing the matter in February 2011.
Mr Hotchin has been advised by the Commission that it has not completed its investigation, or made any determination on whether or not it intends to proceed with civil or criminal action.
Although the Commission had previously advised the media that it intended to complete its investigation before Christmas, Mr Hotchin was only provided with limited details of the scope of the Commission’s investigation on 7 December.
Accordingly Mr Hotchin’s lawyers requested a more reasonable time for a response, and the Commission has agreed to extend the timeframe for providing that until the end of January 2011.
As the matter is before the Court, and the investigation is said to be incomplete, Hanover and Mr Hotchin do not propose to make any further comment at this time.
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