Prime Minister called on to Freeze Blue Chip

MEDIA RELEASE

As a result of meetings and contact from hundreds of Blue Chip and other finance company investors members of EUFA are calling on the Prime Minister, as head of State, to urgently freeze the situation. The call was made to immediately “… freeze on any recovery action being invoked against the affected investors.”

Due to the complexities of the Blue Chip Company dealings, which have resulted in the collapses of their associated companies, too many New Zealanders stand to lose homes. Bankers / lenders are already exercising their rights to the securities, even though the lenders in most cases received a so called “independent” lawyer’s advice prior to signing documents that have been found to have supported a con.

If the Government allows this to roll on, month after month, in the hope that the Liquidator will be able to deliver a ray of hope (as made public Monday) peoples lives will destruct. Families will fall apart, while stress and illness has already set in with many of those effected from the actions that have caused the finance company collapses.

This morning EUFA has written to the Prime Minister to request that a ‘freeze’ be invoked immediately to ensure investors natural right to an effective remedy for the escalating disputes involved is protected. The Minister of Commerce’s representative confirmed to investors that she is taking a close interest in the situation and many believe she would be in agreement with a freeze, as she learns of the serious problems that investors (decent New Zealanders) face.

Mrs. Suzanne Edmonds, Coordinator of EUFA said from Nelson last night, “We have fielded tons of calls from desperate people of all ages. People are struck with total panic and some are even suicidal due to the fear they are suffering.”

Mrs. Edmonds says she worries about the impact on hundreds of individuals who were “simply doing their absolute best and make themselves financially secure based on the promises made by Blue Chip, who subsequently put them into an array of companies that are now donkey deep in trouble.”

An investor in his mid fifties pleaded in desperation to Mrs. Edmonds late yesterday “Please do something to help us” he said. The advice the investor got from his lawyer was that he and his family had no choice but to sell up, which will eventuate in around $100k shortfall. Mrs. Edmonds said “This is a disastrous situation and can not go on any longer – the Government must freeze this now”.

ENDS

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