Pressure building on Blue Chip
The Commerce Commission announced that it will examine documentation relating to Blue Chip New Zealand after complaints that people may have been induced to invest based on false or misleading representations.
It decided to take action after receiving a large number of complaints from Blue Chip investors via property consultant Olly Newland.
The Commission’s Fair Trading branch will investigate whether there has been any evidence of possible breaches of the Fair Trading Act.
Meanwhile, ginger group Exposing Unacceptable Financial Advice (EUFA) is also getting involved.
EUFA was established last year to represent investors who had lost money in finance company collapses.
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