The Commerce Commission will examine documentation relating to Blue Chip New Zealand after complaints that people may have been induced to invest based on false or misleading representations.
Nineteen firms connected to Blue Chip’s New Zealand franchisee went into voluntary liquidation last week owing millions to about 2000 investors.
The Commission has received a large number of complaints from Blue Chip investors via property consultant Olly Newland.
The Commission’s Fair Trading branch will investigate whether there has been any evidence of possible breaches of the Fair Trading Act.
There will be no further comment at this time.