15 Dec 2010

Assets of former Hanover director frozen

8:02 pm on 15 December 2010

The Auckland High Court has frozen assets associated with former Hanover director Mark Hotchin.

The Securities Commission applied for the freeze to meet any civil claims that may be brought by investors who put money into Hanover Finance, Hanover Capital or United Finance.

The commission says Mr Hotchin's New Zealand assets are worth a significant amount and include money and properties.

Commission chairperson Jane Diplock says the freeze is in the public interest because it preserves the assets from being sold or transferred.

The order is only temporary, with the commission yet to finish its investigation or decide if it will lay any charges.

Mr Hotchin is currently living overseas. In a statement, he says he has only been provided with limited information about the investigation and is applying to have the order revoked.

A hearing is expected in February next year.

The Serious Fraud Office is also investigating Hanover.