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14 July 1999
News Release
WARNING - IMI Pacific Group Limited
The Securities Commission is repeating its warning about investing with people who claim to be associated with IMI Pacific Group Limited.
The Commission continues to receive many reports from members of the public who have been approached by people who claim to speak on behalf of IMI Pacific. In some cases people have told us that they are considering investing a large proportion of their life savings with the company. This would be very foolish indeed.
IMI Pacific is a Wellington based company. It directors and shareholders are Willard Karaitiana Amaru and John Edward Baylis.
According to the records of the Registrar of Companies, Amaru and Baylis are also directors and shareholders of Walakahai Pacific Corporation Limited. It appears that this company also has been used for the purposes of promoting investment opportunities to the public.
On the information available to the Commission, investments promoted in the name of IMI Pacific and Walakahai Pacific are very risky. They are being promoted on the basis of the very minimum of conventional investor information. They appear to be targetted at people who have little if any investment experience. Prospective investors should be very careful.
Norman F Miller
Senior Executive (Operations)