ING probe will take another six months, says ComCom

Bruce Malpas, co-ordinator of the Tauranga Frozen Fund Protest Group, says ING's offer is a joke. Photo / Alan Gibson

The Commerce Commission expects its investigation into ING (NZ)'s diversified yield and regular income funds to take at least another six months.

That meant the investigation would not be finished before the end date given by ING for acceptance of a settlement offer made to investors, the commission said today.

It is investigating the promotion, marketing and sale of the funds by ING (NZ), ANZ - 49 per cent shareholder in ING (NZ) - and other parties to see if the Fair Trading Act was breached.

Commission Auckland fair trading manager Graham Gill said if litigation was thought to be appropriate, it 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," Mr Gill said.

"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."

It was not the commission's normal practice to comment on investigations that were under way, but in this case it was in the public interest to provide information that enabled investors to make an informed decision.

There would be no further comment.

- NZPA