11 May 2011

High Court orders report on Hanover investigation

2:51 pm on 11 May 2011

The Financial Markets Authority has been ordered to file a report on the progress of its investigation into Hanover to the High Court in Auckland by 20 May.

The court says the FMA must move with all reasonable speed to conclude its investigation into the failed finance company.

The order was part of a decision by Justice Helen Winkelmann concerning the frozen assets of Hanover's former boss Mark Hotchin.

Mr Hotchin failed to overturn a court order that froze his New Zealand assets in December, at the request of the Securities Commission which is now the Financial Markets Authority.

However, some of Mr Hotchin's personal and household effects were released from the freeze to allow him to pay a tax bill.