Demand put on Government over Hanover

EUFA coordinator Suzanne Edmonds has written to Minister of Commerce Simon Power today, calling on the Government and Authorities to put Hanover Finance Ltd into Statutory Management.

Suzanne Edmonds said from Tauranga today “It is time that the books of Hanover were opened to the powers that be, to investigate all the legalities of how the company was run.”

Hanover has now reneged on the Moratorium voted on last December, with many of the victims believing the Trustees should have this week, put Hanover into receivership.

Last December, with Hobson’s choice, the majority of investors were clearly opposed to receivership, voting overwhelming for the Hanover moratorium. The outcome was a direct result of a slick propaganda machine run by Hanover’s PR company, PricewaterHouseCoopers and others.

The carrot to investors was the promise that the shareholders would put personal money back into the company. This was an oversell by Hanover and the professionals who were involved in the proposal.

Mrs Edmonds added “With investors rejecting Receivership and the problems being so severe with Hanover, it is good enough reason for the company to be put into statutory management ……….. questions have to be asked why it has not already happened.”

EUFA formally are calling on Government, their Officials and Authorities, to demand the appropriate body put Hanover into Statutory Management immediately.

The investors’ votes do not absolve the company from compliance to the law and individuals involved in Directing and managing Hanover are bound to the companies act.


Less than two months after one couple invested a large sum of money into Hanover the company froze its funds (July 2008). The investors allege that at the point they invested Hanover was aware of their problems but failed to disclose them, claiming the opposite.



The EUFA members who invested in Hanover may hold a different view if they could see the people responsible, showing some type of responsibility, humility and decency, by discontinuing their flamboyance.