Post by Lux on Nov 30, 2008 13:36:55 GMT 12
By JONATHAN MARSHALL - Sunday News | Sunday, 30 November 2008
Hanover Co-founde Mark Hotchin last night celebrated his 50th birthday, partying with more than 80 mates at one of Fiji's most exclusive resorts angering investors who lost millions in the finance company.
News that Hotchin and fellow rich-lister and business partner Eric Watson were drinking poolside cocktails came in the same week that Hanover executives, including Hotchin, travelled New Zealand explaining how they plan to repay more than 17,000 investors all or some of the $527 million they are owed.
Today it can also be revealed that Hotchin and Watson who purchased Hanover nine years ago when it was known as Elders Finance withdrew $200m in cash from Hanover since acquiring it in December 1999.
News of the lavish celebrations yesterday angered those who lost cash in Hanover. Chairman of the New Zealand Shareholders Association Bruce Sheppard said "any man who can take $1 billion off the public... and have a bloody birthday party on Fiji should have someone turn up with a set of razor blades".
Sheppard estimated the per head cost of the party to be between $5000 and $10,000.
Not all guests would have flown from New Zealand, but others like Watson would probably have been ferried in from London, he said. "What a bloody disgusting sham."
Contacted in Fiji yesterday, Hotchin said before hanging up: "I haven't organised it. I've had it organised, actually, for me."
Sources said guests at the weekend-long party paid for their own flights but Hotchin covered entertainment and accommodation. Rooms at Vomo Island Resort begin at $1165.95 for a hillside villa and for a private residence can cost almost $7000. Another well-placed source said Hotchin booked "the entire resort" for his party.
Yesterday resort staff said they had no records of the businessman reported to be worth $200m staying there. But friends and colleagues of Hotchin, including Watson, boxer Shane Cameron, his manager Ken Reinsfield and Auckland property developer Tony Gapes, were listed as staying.
A female who answered the telephone at Watson's villa said he was "down at the pool" and unavailable to talk.
A Vomo Island Resort spokeswoman said a group of around 80 had booked into the resort and began birthday party celebrations at 7pm local time.
Vomo Island Resort located on a 88ha island has been the holiday destination of a number of well-moneyed Kiwis, including hairdressing tycoon Rodney Wayne, and fashion designers Trelise Cooper and Karen Walker.
Hanover's chief financial officer Peter Fredricson said he "knew nothing" about the party but cautioned people on judging Hotchin. "It's a weekend and people do things in that time that is their business," he said.
"You need to remember that the company is different to the man."
He said before Hotchin was condemned for his high life, Kiwis must acknowledge his and Watson's recent offer to inject $96m into a complicated rescue package.
"One would imagine people are willing to allow him to have a life knowing he has offered this support."
www.stuff.co.nz/4777655a13.html
Hanover Co-founde Mark Hotchin last night celebrated his 50th birthday, partying with more than 80 mates at one of Fiji's most exclusive resorts angering investors who lost millions in the finance company.
News that Hotchin and fellow rich-lister and business partner Eric Watson were drinking poolside cocktails came in the same week that Hanover executives, including Hotchin, travelled New Zealand explaining how they plan to repay more than 17,000 investors all or some of the $527 million they are owed.
Today it can also be revealed that Hotchin and Watson who purchased Hanover nine years ago when it was known as Elders Finance withdrew $200m in cash from Hanover since acquiring it in December 1999.
News of the lavish celebrations yesterday angered those who lost cash in Hanover. Chairman of the New Zealand Shareholders Association Bruce Sheppard said "any man who can take $1 billion off the public... and have a bloody birthday party on Fiji should have someone turn up with a set of razor blades".
Sheppard estimated the per head cost of the party to be between $5000 and $10,000.
Not all guests would have flown from New Zealand, but others like Watson would probably have been ferried in from London, he said. "What a bloody disgusting sham."
Contacted in Fiji yesterday, Hotchin said before hanging up: "I haven't organised it. I've had it organised, actually, for me."
Sources said guests at the weekend-long party paid for their own flights but Hotchin covered entertainment and accommodation. Rooms at Vomo Island Resort begin at $1165.95 for a hillside villa and for a private residence can cost almost $7000. Another well-placed source said Hotchin booked "the entire resort" for his party.
Yesterday resort staff said they had no records of the businessman reported to be worth $200m staying there. But friends and colleagues of Hotchin, including Watson, boxer Shane Cameron, his manager Ken Reinsfield and Auckland property developer Tony Gapes, were listed as staying.
A female who answered the telephone at Watson's villa said he was "down at the pool" and unavailable to talk.
A Vomo Island Resort spokeswoman said a group of around 80 had booked into the resort and began birthday party celebrations at 7pm local time.
Vomo Island Resort located on a 88ha island has been the holiday destination of a number of well-moneyed Kiwis, including hairdressing tycoon Rodney Wayne, and fashion designers Trelise Cooper and Karen Walker.
Hanover's chief financial officer Peter Fredricson said he "knew nothing" about the party but cautioned people on judging Hotchin. "It's a weekend and people do things in that time that is their business," he said.
"You need to remember that the company is different to the man."
He said before Hotchin was condemned for his high life, Kiwis must acknowledge his and Watson's recent offer to inject $96m into a complicated rescue package.
"One would imagine people are willing to allow him to have a life knowing he has offered this support."
www.stuff.co.nz/4777655a13.html
