Scam targets AXA investors

New Zealanders who have invested in the Australian financial services group AXA Asia Pacific Holdings Ltd, are being targeted by a company offering to buy their shares for about half what they are worth.

Letters have been sent to people on AXA's share register offering $4 for each AXA share they hold. One shareholder who received the letter knows his shares are worth well over A$US7 each. He believes the authors of the letter are trying to catch people out at Christmas, when they might have spent up and be looking for some quick cash.

Earlier this year an Australian investment company was fined 24 thousand dollars by the Commerce Commission for pulling a similar rort. Ross Investments wrote to capital bond and unit holders implying two companies were in trouble financially, and offering to buy bonds.

AXA shares closed last night in Sydney at A$US7.04 per share.

- NEWSTALK ZB