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21 June 1999
News Release
WARNING - IMI Pacific Group Limited
The Securities Commission is warning people about placing money with IMI Pacific Group Limited.
Certain advertisements of the company have been prohibited by the Commission under section 38B of the Securities Act 1978. This action was taken because the Commission formed the opinion that the company's investments have been promoted to the public without an investment statement and a registered prospectus. The investments being offered are similar to the prime bank schemes which the Commission has previously issued warnings about. Prime bank schemes offered unrealistically high returns and appeared to be fraudulent.
IMI Pacific Group Limited is a Wellington company operating from 61-63 Abel Smith Street. Its shareholders and directors are Willard Karaitiana Amaru and John Edward Baylis.
The latest report received by the Commission indicates that the products of IMI Pacific Group Limited have been actively promoted in the Gisborne area in recent times. The promotion appears to be targetting people who can least afford to part with their money. We are told that some people are realising secure investments to pay money to the company.
Norman F Miller
Senior Executive (Operations)
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