ING makes $398m payment to frozen fund investors
Around 98.5% of investors accepted ING's offer in July of 60 cents in the dollar for the DYF and 62 cents in the RIF, and 85% took up the five-year option which will see the proceeds of those unit sales invested in an ANZ cash account for five years at a fixed interest rate of 8.30%.
Accepting the offer required investors to waive their right to legal action.
"We are pleased to have been able to meet our commitment to help investors affected by the global financial crisis, in an environment where many others have not had the same opportunity," said head of retail distribution Trisha Edmonds in a letter to financial advisers.
"This is the last step in what has been a long process and we are delighted to be able to make payment ahead of schedule."
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