Commission to investigate Blue Chip

The Commerce Commission says it will examine documentation relating to property investment company Blue Chip New Zealand.

The watchdog said this afternoon it would do this following 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 of dollars to about 2000 investors.

"The commission has received a large number of complaints from Blue Chip investors via property consultant Olly Newland," the commission said in a statement.

"The commission's Fair Trading branch will investigate whether there has been any evidence of possible breaches of the Fair Trading Act."

- © Fairfax NZ News