"Mistakes have been made which the board and management acknowledge," Alloway told shareholders.

The directors of failed company Hanover Finance are to face questions as part of a Serious Fraud Office probe, the office confirmed yesterday.

The SFO has been investigating Hanover Finance for the past three months and says it has reasonable grounds to suspect fraud.

Hanover Finance has called in the lawyers to pursue Allied Farmers over allegedly attempting to "evade various contractual obligations to Hanover."

A successful shareholders campaign has pushed former Hanover Finance chair Greg Muir from the board of listed clothing retailer Pumpkin Patch.

The Securities Commission has added its weight to the Reserve Bank's call for mum and dad investors' to be cautious about new private equity property investments.

Auditors have given Allied Farmers' financial statements only a qualified opinion, and have raised concerns about the going concern basis of the company and the carrying value of assets.

Allied Farmers' auditor PwC says it hasn't enough evidence to say whether the company can be viewed as a going concern.

When Eric Watson boarded an Air New Zealand flight in Los Angeles on September 17, 2008, en route to New Zealand from London, he had a lot on his mind.

After the Hanover debacle, Eric Watson might have hoped for a big win with his latest venture in the US. So far, it isn't working out that way, reports Denise McNabb.

Struggling Allied Farmers says it has settled the about $27m sale of stage two of Queenstown's Five Mile property development early.

Accountant John Hepburn claims the $45.5m dividend payout to Watson and Hotchin cannot be justified.

Allied Farmers has unveiled a $19.3 million capital raising plan.

Real estate agents pitch to sell the Hotchin mansion.