The Securities Commission says it's close to deciding if it will lay charges against the directors of Hanover Finance.
The commission has moved to clarify its position amid what it says is increased public and media speculation.
It says investigations into Hanover Finance Ltd, United Finance Ltd and Hanover Capital Ltd are nearly finished.
It says the inquiry has been complex and involved investigators, forensic accountants, analysts and lawyers.
The commission says it will decide before Christmas if any charges should be laid against the directors of the companies.
If a decision is made to proceed, the commission says it's likely any charges will be laid in the new year.