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Urgent – Short notice – addressing a crisis

‘Exposing Unacceptable Financial Activities’
To Community organisations:

Urgent – Short notice – addressing a crisis

EUFA invite and appeal to representatives of all community groups or interested parties to attend a meeting (details below) The objective of the meeting is to create a collective force to avert the pending travesty of justice seriously affecting the lives of the victims of the finance and investment industry collapse.

Day Thursday
Date 21 August 2008
Time 10.00 am
Place RSA – Cameron Road, Tauranga

If your group have concerns for their members or the community at large who have been affected by the Finance Collapses (150,000 New Zealanders) please join EUFA in a call for accountability and let stand together against White Collar Crime which has a very seedy affect on us all. The finance industry has collapsed due to white Collar Crime or draconian business practices and the only ones suffering are the grass roots of New Zealand.

EUFA volunteers are witnessing a huge amount of human suffering, as a result of the current Financial Crisis.

Large numbers of PLA (Property Law Act) notices are being served on many people involved in Blue-Chip investments that will be forced out of their homes if they can’t meet the PLA demands. The amounts demanded to settle are beyond the means of most victims, while several others have received threatening letters.

Under the conditions of the Blue-Chip deals many investors were unaware that they had obligations to meet loan payments right up until Blue-Chip Directors placed their auxiliary companies into liquidation. It was only then that many individuals had the bomb dropped on them that they must meet payments previously met by Blue Chip or else lose their home. With most investors only source of income being superannuation loan payments of thousands of dollars per month are an impossibility.

Ongoing since March EUFA has made the Government fully aware through the Minister of Commerce that victims would be faced with this draconian recovery action, if prudent action wasn’t taken at an official level forthwith.

When compared to the identical circumstances overseas it is totally wrong for an Act of the New Zealand statute to be enforceable without due regard being given to the fact that a Serious Fraud Office investigation is in place, whereby criminal charges are likely to follow.

Under conditions of the New Zealand Bill of Rights Act the Property Law Act does not have priority.

Accordingly the Governments refusal to take action on EUFA and other individuals pleadings, to ensure a freeze was put on recovery action while an investigation is taking place, has allowed a very serious situation to develop creating a crisis.

Good people, who trusted their financial advisors and official statements that the finance sector was being governed by a “comprehensive regulatory regime” and that Government claimed was supervising the well-presented finance companies, have been betrayed.

EUFA continues to demand that the authorities take immediate action to arrest a situation fast developing into a travesty of justice, larger than any other ever experienced in New Zealand. We must all stand up, seek accountability and reduce the pain and suffering.

Please register your interest and/or attendance by return email.

Yours sincerely
Suzanne Edmonds
0800 383269



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