ING faces fury as offer divides investors
In a show of hands vote at the Napier War Memorial conference centre roughly 50% of the audience were in favour of postponing any deal with ING until after a Commerce Commission report into alleged mis-selling of the Diversified Yield Fund (DYF) and Regular Income Fund (RIF) was published.
However, Helen Troup, ING NZ chief, told the emotionally-charged group of Hawke's Bay DYF/RIF unitholders that the Commerce Commission report was "months if not years away".
"There's been a lot of misinformation about when the Commerce Commission report is due," Troup said.
Several investors expressed concern that they were being "blackmailed" into waiving their rights to further legal action if they accepted the offer but Troup told the audience the deal was made on normal "commercial terms".
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