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Hanover Finance
Hanover Finance was a New Zealand non-bank finance company that focused on lending for high-risk property development that It failed in 2010 under the leadership of Mark Hotchin. At the time of its failure it was the largest finance company in New Zealand. The Hanover Group also had interests in property and was responsible for developing Matarangi Beach Estates and golf course, and acquired completed lots at the Jacks Point property sub-division in Queenstown. The Group also had property and finance interests in Australia.
==History==
Mark Hotchin and business partner Eric Watson bought Elders Finance in 1999. Elders, and a number of other finance companies, were brought together to create Hanover Group. With $650 million in assets,〔 this was New Zealand's third largest finance company at the time. In 2007, Forbes listed Hotchin and Watson as the 33rd and 34th richest people in New Zealand and Australia.
Hotchin's interests ranged outside the traditional finance company model. In 2003 Hotchin through the Hanover Group bought a 10% stake in Tower,〔(【引用サイトリンク】 Hanover increases Tower stake and ante )〕 a large fund management and insurance business. Hanover wanted a better deal for investors and forced Tower and owners GPG to review the capital raising and underwrite deal they had agreed.
In 2007 Hanover Group made an after tax profit of $105m. Controversially Hanover Finance paid NZ$45.5 million in dividends to Hotchin and Watson in the year ending 30 June 2008. Much of these dividends were then reinvested back into the company to reduce related party transactions, which at the time were around 14% of the loan book.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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