No charges for Hanover: SFO
It has completed its investigation into Hanover Finance Ltd - the last of the 2007/2008 finance company collapse to be investigated.
The investigation took the SFO 32 months.
Acting chief executive Simon McArley said it was the most extensive of the investigations, with 107,000 pages of evidence, 3730gb of data and 120 hours of interviews.
The SFO had concerns about Hanover’s solvency at the time dividends were paid during the six months before payments were suspended in July 2008, about the financial condition of the companies disclosed to investors compared to its actual position, some transactions made immediately before payments were suspended that did not benefit the company but substantially benefitted some related parties, and the accuracy of the companies’ assets in financial statements that were sent to investors as part of the 2008 debt repayment proposal.
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