Embattled financier Mark Hotchin has apologised to investors who lost money when Hanover Finance collapsed but strenuously denied he was living a life of luxury in a live television interview this evening.
Hotchin appeared on TV One's Close Up programme in an interview with Mark Sainsbury tonight.
Hotchin, who has been widely criticised for "living the high life" in Australia while former investors are left out of pocket, repeatedly apologised for what happened.
"I felt sorry right the way through," he said. "This was never the plan."
But he vehemently denied living a life of luxury while investors suffered.
We are delighted that Hotchin now feels sorry, but pardon us if we doubt the sincerity of his apology. The measure of that will be his deeds going forward.
In excess of 15,000 people lost money when Hanover collapsed. Many people had trusted Hotchin and Watson with their lives' savings, seduced by the promise of strong returns, and the stentorian tones of former TVNZ newsreader Richard Long (who is reported to have lost $50,ooo himself) in Hanover's slick marketing.
It's comforting that Hotchin now acknowledges that his PDW's (public displays of wealth) in the wake of the Hanover collapse were upsetting to those who had contributed the $500 million that went down the tubes. His apology now is, in our considered opinion, far too little, and far too late.