FMA settles Hanover civil case for $18 million

Sun, 05 Jul 2015

By Fiona Rotherham July 6 (BusinessDesk) - The Financial Markets Authority has settled a civil claim against the directors and promoters of failed finance company Hanover Finance for $18 million just two weeks before it was due to be heard in court. The money will be distributed to eligible investors who invested in the Hanover Finance Ltd (HFL), Hanover Capital Ltd (HCL), United Finance Ltd (UFL), in the period from Dec. 7, 2007 to July 23, 2008, the FMA said in a statement this morning. The FMA filed the law suit in 2012 against Hanover...

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