EUFA wants statutory management of Hanover Finance
3rd Dec 08, 8:00am
Finance company investor lobby group Exposing Unacceptable Financial Advice (EUFA) has called on the government to impose statutory management on Hanover Finance. "Due to Hanover's current track record and information gathered from investors to date, EUFA's executive have been pushed, on behalf of members, to call on the Minister of Commerce, Hon Simon Power and the Securities Commission to put Hanover into Statutory Management," EUFA said. "The State has an obligation to stop Hanover Directors having the power over investors any longer." Hanover Finance's vote for its rescue plan to continue as a going concern is due on December 9, although various commentators including Brian Gaynor, Bruce Sheppard, Tim Hunter and myself have called on investors to reject the plan and choose receivership. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.