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24 April 1997

News release

Overseas investment warning re Griffin Securities Corporation in Manila and International Asset Management in Jakarta

The Securities Commission has received a number of reports that a Manila based firm and a Jakarta based firm have been promoting overseas securities in New Zealand by telephone and mail. The name of the Manila firm is Griffin Securities Corporation, previously known as Moore McKenzie Inc. The name of the Jakarta firm is International Asset Management.

The Securities Commission takes the opportunity to remind investors again of the very high risks incurred by them when investing with firms outside the New Zealand jurisdiction and which are known to them only by telephone and promotional literature.

We recommend that investors exercise great caution before committing money to or investing on the recommendation of Griffin Securities Corporation or International Asset Management.

Norman F Miller
Senior Executive (Compliance)