Former Hanover Finance boss Mark Hotchin says he can't live on $1000 a week.
That's the amount the Securities Commission will allow him, after getting a High Court order last Friday, freezing all his New Zealand assets. The order included his bank accounts and $13.5 million property at Boatshed Bay on Waiheke Island in Auckland's Hauraki Gulf and a $30m yet-to-be-completed luxury home on Orakei's Paritai Drive, one of Auckland's most expensive streets.
The commission's $1000-a-week allowance - the same amount the Aorangi Securities statutory managers have given embattled Timaru businessman Alan Hubbard and his wife Jean - is expected to cover legal costs, rent and mortgage payments, and food and other household expenses.
Hubbard, worth a reputed $550 million earlier this year, has said that was more than he and his wife had ever spent on themselves and he has reportedly used some of that allowance to support any of his investors now in financial distress.Hotchin claims to be supporting seven people and can't live on that amount, says his lawyer Bruce Stewart QC
Pardon us if we are unsympathetic to Mr Hotchin. Perhaps he will now get the picture of what life is like for some of those who invested in his beloved Hanover, and who after years of working productively and investing wisely (so they thought) now find themselves living on a damned sight less than a grand a week.