Sharechat Logo

Hotchin, Watson settle with NZSA, continue to chase Sheppard on defamation

Monday 4th March 2013 1 Comment

Text too small?

Former Hanover Finance shareholders Mark Hotchin and Eric Watson have settled their defamation suit against the New Zealand Shareholders Association and continue to pursue its former chairman Bruce Sheppard.

The association awarded its 2010 Golden Glob award to the two businessmen in 2010, a gong it gives out for "appalling corporate practise." Sheppard gave media interviews in 2009 where he suggested the pair didn't act correctly over Hanover's debt restructuring proposal.

Hanover Finance froze $554 million of funds for its 17,000 investors after running into financial difficulties before convincing them to accept a disastrous deal where their debt was swapped for equity in Allied Farmers.

The Shareholders Association "accepts that Mr Sheppard's comments were incorrect," The NZSA said in a statement. The association "regrets any adverse public sentiment as a result of the comments."

The NZ Herald reported that the settlement with the NZSA was 'a six-figure settlement.'

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

On 4 March 2013 at 12:33 pm Ivan said:
I can't wait for the court case. Sheppard had a lot to say about Hanover and it's bosses back then. It will be interesting to see if he stands by what he said.
Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Napier Port shares surge to 1/3 above August listing price on strong cargo volumes
Vital Healthcare gets a new manager, Aaron Hockly
Venture capital funding gap is real - David Parker
Serko brings in booking.com in $45m capital raising
Fonterra farmers urge MPs to unshackle cooperative
NZ dollar benefits as EU likely to grant Brexit extension
24th October 2019 Morning Report
OPINION: All the questions the convention centre fire asks
MARKET CLOSE: NZ stocks drop as investors dump power companies on smelter scare
NZ dollar eases after another Brexit failure

IRG See IRG research reports