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Call to honour obligations to Hanover - Allied Finance

Tuesday 8 December 2009, 10:38PM

By Exposing Unacceptable Financial Activities

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EUFA call on the Government to ensure Authorities honour their statutory obligation to Hanover Finance Ltd investors, by implementing their powers under current legislation, for example the Corporations (Investigation and Management) Act 1989

Spokesman for EUFA, Gray Eatwell said from Southland today:
“We applaud the Allied Finance offer, if it is to protect investors money, but it can not be another opportunity to absolve the Hanover Directors, and Trustees responsible of their statutory obligations and duties.”

Allied Finance is reported to have admitted they would not be involved in the deal if Hanover Finance Ltd were put under supervision, which raises a serious question for investors, as to why not!

Hanover Investors voted a year ago to the day for the moratorium that failed.
EUFA have called for statutory management since Hanover announced its troubles.

Coordinator of EUFA, Suzanne Edmonds said from Tauranga today;
“The Hanover investors must not be forced into making a decision with the bribe to accept the offer or be faced with receivership…

She added “As a third party Allied Finance can see some money is there and it is imperative that the money is protected on behalf of the rightful owners of that money, the investors.“

EUFA members believe that if the government don’t lead on this one, confidence will not be restored.”