Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2011
Financial Markets Authority prospectus proceedings
The FMA announced proposed civil proceedings against Hanover directors and promoters concerning statements in the December 2007 prospectuses and subsequent advertisements. Former chairman Greg Muir rejected the implication of irresponsible conduct.
2008
Controversy over dividends and related-party exposure
Hanover Finance paid NZ$45.5 million in dividends to Mark Hotchin and Eric Watson for the year ended 30 June 2008. The payments attracted controversy in the context of related-party transactions reportedly representing about 14 percent of the loan book.