Hanover Finance Companies Distribution
Deloitte is the independent agent appointed by the Financial Markets Authority to implement and oversee the distribution of settlement monies to eligible investors in Hanover Finance Companies.
The Financial Markets Authority (FMA) and former directors of the Hanover Finance Companies (Hanover Finance Limited, United Finance Limited and Hanover Capital Limited), together with the former directors of Hanover Group Limited have reached a settlement of the civil proceedings commenced by the FMA in March 2012. The civil proceedings were brought by the FMA for alleged breaches of the Securities Act arising from what the FMA considers were misleading statements in offer documents relating to the financial position of the Hanover Finance Companies. As part of the proceeding, the FMA sought compensation for investors who had subscribed for securities in the Hanover Finance Companies, on the faith of the offer documents distributed in relevant period from 7 December 2007 to 23 July 2008, and who were not repaid prior to the moratorium of the Hanover Finance Companies.
As part of the settlement, a compensation payment of $18 million has been made, which is to be distributed to eligible investors in the Hanover Finance Companies. Deloitte, as an independent third party, has been appointed to design, manage and oversee the distribution process.
This website sets out some of the detail for the process of distribution of the settlement sum.
This page will be used to keep investors updated as appropriate. To find out more please click on these links: