20 April 2012
The Court of Appeal has dismissed an appeal by former Hanover
director Mark Hotchin on asset preservation orders obtained by the
Financial Markets Authority.
FMA CEO Sean Hughes said; "FMA welcomes the Court of Appeal's decision. These orders are important for enabling FMA to preserve assets for aggrieved investors pending the outcome of the civil proceedings filed by FMA last month."
Diane Maxwell on 029 200 8194
BackgroundThe High Court granted in December 2010 interim asset preservation orders in respect of assets believed to be associated with former Hanover director Mark Hotchin. The orders were sought by FMA's predecessor, the Securities Commission.
Mr Hotchin appealed the upholding of the orders in December 2011 by the High Court. The appeal was opposed by FMA.
FMA filed civil proceedings against directors and promoters of Hanover Finance Ltd, Hanover Capital Ltd and United Finance Ltd on 30 March 2012.