Hanover probe gathering pace

Mark Hotchin File photo

The Securities Commission says its investigation into failed finance company Hanover Finance is gathering pace and it hopes to be able to update the market next month.

A Securities Commission spokeswoman said a number of senior managers and directors had been interviewed and the commission planned to speak to more in the coming weeks.

"Once we have completed our investigation we will obtain a case assessment from our external lawyers for consideration by our commission members," the spokesperson said.

The commission said it had also received a "significant volume" of documents from other sources including directors and the Serious Fraud Office, to assist with its investigation.

"We hope to receive more documents along those lines in the near future," the spokeswoman said.

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

The commission said it hoped to be able to offer another update in mid to late March - but was unable to say whether it would be in a position to lay charges at that point.

"We are intent on completing our investigation with appropriate speed, but because this is obviously an investigation of significant importance to the financial markets, the need for a thorough investigation cannot be compromised," the commission said.

In December, the Securities Commission took the unusual step of applying to the High Court to have Hotchin's New Zealand assets frozen.

The commission said at the time the unprecedented move was fuelled by a desire to collect money for investors in case any civil claims were brought against Hanover and Hotchin, who is living on the Gold Coast.

Hotchin is fighting to have the order overturned in the Auckland High Court today.

Justice Winkelmann has banned media reporting on the hearing.