New data delays Hanover decision

Mark Hotchin. Photo / Brett Phibbs

The Securities Commission says it has made progress on its investigation into failed finance company Hanover but it has not decided whether it will lay charges against the directors.

The investment watchdog took the unusual step in November of giving an update on its progress in the investigation of Hanover Finance, United Finance and Hanover Capital.

It said its members would meet before Christmas to decide whether criminal charges would be laid, although any possible charges would not be laid until the new year. The commission also took the unusual step of gaining a court order to freeze certain assets of Hanover director and former co-owner Mark Hotchin.

Yesterday commission director of investigations and litigation Sue Brown said progress had been made but the investigation had uncovered extra information which was being reviewed.

"We are doing that with urgency in addition to completing interviews with potential witnesses and with some Hanover directors who have confirmed that they wish to co-operate with the commission's investigation."

The commission said it would provide an update in mid to late February.

Current or former directors of one or all of the three Hanover companies have included Hotchin, Greg Muir, David Henry, Sir Tipene O'Regan and Bruce Gordon.

Companies Office records do not show the other former co-owner, Eric Watson, as ever being a director of any of the three companies.