Hotchin: I need $7000 a week to live
Tuesday 21 Dec 2010 7:48 a.m.
Mark Hotchin - can't survive on $1000 a week
Hanover Finance founder Mark Hotchin wants up to $7000 a week to live on and says he cannot make ends meet on the $1000 a week given to him by the Securities Commission.
His assets were frozen last week when the Securities Commission had an order granted by the High Court in Auckland. It allowed him a living allowance of $1000 a week but Mr Hotchin is understood to be seeking up to $7000 a week, the New Zealand Herald reported.
Mr Hotchin has been living on the Gold Coast in Australia and says he does not know when he will return to New Zealand.
He was seeking more money to pay rent, living costs, hire a car, and pay private school fees for three children, the newspaper reported today.
The matter is likely to be discussed today in the High Court.
- RadioLIVE's Marcus Lush speaks to business correspondent Bernard Hickey about why he has no sympathy for former Hanover Finance boss Mark Hotchin.
Mr Hotchin's lawyer, Bruce Stewart, QC, said last week his client was supporting seven people, and needed more than $1000.
The legal team would also discuss access to a report by forensic accountant David Crichton, which was the basis for the court order freezing his assets. The Securities Commission has refused to let Mr Hotchin or his lawyers see the document.
The assets were frozen in case any Hanover investors want to bring civil claims against the company and its directors.
Thousands of investors had more than $500 million frozen when Hanover collapsed in July 2008.
The Securities Commission is deciding whether to lay charges against the former directors of Hanover Finance, United Finance and Hanover Capital and a decision is expected early next year.