Former directors of Hanover Finance have taken aim at the Financial Markets Authority, calling the legal action against them is ill-conceived and expensive.
The FMAhas filed civil proceedings against Mark Hotchin, Greg Muir, Sir Tipene O'Reagan and Bruce Gordon and its promoters, Eric Watson and Dennis Brott.
The authority claims Hanover misled investors in its prospectuses and advertisements that involved 35 million dollars worth of investments made between late 2007 and March 2008.
But Mr Hotchin says the FMA is relying on incorrect information in a forensic accountant's report that it refuses to release to the directors.
