21 Dec 2010

Judge refuses Hotchin's request for Mercedes, Porsche

6:00 pm on 21 December 2010

An application by former Hanover director Mark Hotchin for two of his personal vehicles to be sent to Australia, where he and his family are now based, has been refused.

Mr Hotchin's New Zealand assets were frozen by the High Court at the request of the Securities Commission earlier this month, but he appealed against parts of that order.

The lawyer representing him, Bruce Stewart QC, had sought permission for two cars, a Mercedes-Benz and a Porsche, to be sent over for Mr Hotchin and his wife's use, allowing them to replace the rental cars they currently use.

Mr Hotchin was to have paid for the shipping from assets sitting in Australia.

Justice Winkelman today refused the application, saying the cars represent a significant proportion of the former Hanover director's assets.

Mr Hotchin had also asked to be allowed to pay outstanding bills from assets frozen in New Zealand, but the judge says the $240,000 he has in an Australian account is more than enough to pay outstanding bills and living expenses.

Mr Hotchin withdrew an application to expand the weekly living allowance of $1000 granted him by the Securities Commission.