FMA settles Hanover case
It is understood the settlement involves no admission of liability.
UPDATED: Investors wanted quick settlement: FMA and FMA confirms $18m Hanover settlement
The Financial Markets Authority has settled its civil claim with the directors and promoters of Hanover Finance, NBR understands.
An announcement is due this morning.
The FMA filed a lawsuit in 2012 against Hanover owners Mark Hotchin and Eric Watson in their capacity as promoters of investment documents in 2007 and 2008 that allegedly contained false statements.
The lawsuit also named Hanover directors Greg Muir, Sir Tipene O’Regan, Bruce Gordon and Dennis Broit.
The claim was for $35 million invested by the public in Hanover Finance and United Finance as a result of the investment documents.
It is understood the settlement involves no admission of liability, although a sum of money was paid in settlement by the Hanover parties.
Hanover Finance and sister company United collapsed in July 2008 owing $554m.
RAW DATA: Thes settlement document (PDF here)
Tim Hunter
Mon, 06 Jul 2015
Mon, 06 Jul 2015
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FMA settles Hanover case
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