Judge reserves decision in Hotchin assets hearing

Mark Hotchin strolls to the luxury home he and his family are living in on the Gold Coast. Photo / Brett Phibbs

A High Court judge has reserved her decision on whether Hanover Finance co-founder Mark Hotchin's assets, which are worth millions, should remain frozen.

More than 16,000 investors lost over $500 million through the failed finance company and the Securities Commission was in December granted a court order which froze Mr Hotchin's assets in case any of them took action to reclaim their investments.

Mr Hotchin also wanted to take a $200,000 Mercedes Benz car and a $90,000 Porsche Cayenne car to Australia, but Justice Helen Winkelmann rejected that application in December.

Mr Hotchin also sought an order giving him and his legal team access to an accountant's report but that too was rejected, Justice Winkelmann finding nothing unfair in the Securities Commission's application.

A two-day hearing in the High Court at Auckland, the details of which the media were banned from reporting, ended yesterday and Justice Winkelmann reserved her decision.

- NZPA