Barfoot & Thompson Terminates Contracts

10 October 2007

Statement from Barfoot & Thompson

Barfoot & Thompson confirms that it recently terminated its contracts with three salespeople following alleged misconduct.

Director Peter Thompson says that Barfoot & Thompson recently detected discrepancies in property transactions completed by the three salespeople. “We launched an immediate internal investigation which resulted in us terminating our contracts with all three for breach of company procedures.”

Mr Thompson says Barfoot & Thompson also alerted trading banks to possible irregularities and reported the issue to the REINZ, which has since completed its own investigation.

“As soon as we became aware of the problem we acted quickly and decisively. We now await the outcome of a full hearing of REALB where the substantive cases will be heard.”

Mr Thompson is unable to make any further comment at this stage.

ENDS

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