Hotchin loses bid to unfreeze NZ assets

Tuesday 10th May 2011 1 Comment

Former Hanover boss Mark Hotchin has failed to overturn a High Court order freezing his New Zealand assets.

The Financial Markets Authority, formerly the Securities Commission, used its extended powers six months ago to freeze Hotchin's assets to ensure there was money available for investors if they took civil claims against him.

Hanover collapsed in 2008 owing $554 million to 16,500 investors.

Chief High Court judge Justice Helen Winkelmann released her decision last Friday but suppressed its public release until today.

The order is understood to cover properties with an estimated gross value of $44 million, a Mercedes, a Porsche, a $1.6 million debt owed to Hotchin by a related company and $30,000 in a New Zealand bank account.

NZPA

Comments from our readers

On 11 May 2011 at 9:58 am Ivan said:

Finally, a judge that does whats right. Now how to get the rest to do the same.