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19 April 2000

News Release

WARNING - TRANS TASMAN SUNKEN TREASURE SCHEME

Investors are warned about a sunken treasure scheme being promoted by Ocean Salvage Investments Ltd (OSI), an Auckland-based company.

The warning is issued jointly by the Securities Commission and the Australian Securities and Investments Commission (ASIC).

It is estimated that New Zealanders have already put $520,000 into the scheme and Australians have paid $420,000. New Zealanders who have invested are predominantly from Auckland, but there are also investors from other parts of the country.

OSI's sole director and shareholder is Christopher Paul Woolgrove who lives in Auckland. Formerly of Adelaide, South Australia, Christopher Paul Woolgrove was banned for life from the Australian securities industry in 1995. In September 1998 he was convicted of offences in Australia relating to two illegal fundraising schemes involving sunken treasure. He was sentenced to four months imprisonment but this was suspended upon his entering into a good behaviour bond to which he is still subject.

OSI has sold shares on the basis of a claimed entitlement to shares in an Australian-based company Ocean Salvage Corporation Ltd (OSC). OSI is not connected with OSC. OSC has given information to both ASIC and the New Zealand authorities to help investigate OSI.

Norman Miller of the Securities Commission says it is of concern that a person with such a history as Christopher Woolgrove is fundraising in this country, particularly when he also appears to be contravening New Zealand securities law by his activities. The Commission has asked the Register of Companies to undertake an inspection and the Serious Fraud Office is being fully briefed on the matter.

"People would be most unwise to place any money with Christopher Woolgrove or any company he is associated with," Norman Miller said.

Further information: Norman Miller, ph (04) 472 9830

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