Com Com gives message to ING investors
The Commerce Commission has said its investigation into the sale of the ING frozen funds will take another six months to complete and if it decides to take any further action after that could add another three years to the process.
Wednesday, 24 June 2009
The Commerce Commission says its investigation into ING's Diversified Yield and Regular Income Funds is not expected to be completed for at least six months.
It is investigating the promotion, marketing and sale of the funds by ING, ANZ and other parties to ascertain whether there have been any breaches of the Fair Trading Act.
"This means that the investigation will not be concluded prior to the end date given by ING for acceptance of the settlement offer made to investors," the commission says in a statement.
"If, at the conclusion of the investigation, the commission believes that litigation is appropriate, the litigation could realistically take anywhere between a further six months and three years to complete. It is uncertain at this stage whether compensation would be pursued for investors who have not accepted the offer or indeed whether this would be awarded by the Courts if a conviction resulted," said Graham Gill, Commerce Commission's Fair Trading Manager, Auckland.
"We advise investors to take their own legal and financial advice on the merits of the offer before making a decision as to whether to accept the offer," Gill says. Although it is the Commission's normal practice not to comment on investigations that are currently underway, in this case it is in the public interest to provide such information that enable investors to make an informed decision.
Commenting is closed
Find a Rate
24 May 2013
3 May 2013
11 April 2013
4 April 2013
Cash PIE Rates
Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.
© Copyright 1997-2013. Tarawera Publishing Ltd. All Rights Reserved.