Twelve years on from Hanover Finance funds being frozen, its former co-owners can sun themselves on a slice of Fijian paradise.
Mark Hotchin and Eric Watson have bought a share in a property on the exclusive Vomo Island, NZME reports.
- Eric Watson ordered to pay $50m after court loss
- Final day for ex-Hanover investors to get money back
The Island is reputed to be among one of the more beautiful Fijian islands and is where Hotchin held his 50th birthday in 2009. It was held in the same week investors in Hanover Finance sweated about whether they would get back any of the $500 million invested in the company.
When the company collapsed during the Global Financial Crisis, 16,500 investors lost over $500 million.
In 2013 the Serious Fraud Office (SFO) decided not to prosecute the owners and directors of Hanover Finance.
The SFO said its inquiry raised serious questions over the way Hanover was run.
Hotchin has built up a property portfolio with real estate in many of New Zealand’s most exclusive areas, NZME reports.
Mr Watson has been ordered to pay £25,259,986.49 (NZ$49,4363,19.56) plus costs after a court case in the UK.
The businessman was taken to court by Sir Owen Glenn and Kea Investments Ltd over a joint European property venture called Spartan Capital.
The court found Mr Watson had "planned and orchestrated" a deceit using "fraudulent misrepresentations" to get Kea to enter into agreements. As a result, Kea invested £129 million into Spartan Capital - money Mr Glenn wanted back from Mr Watson.
Newshub
