‘Minister gave costly advice’
PA Auckland An angry Pakuranga family claims that advice it says that the Minister of Justice, Mr Palmer, gave could cost it $29,000. Mr Brian Staples, a 44-year-old storeman, said his family had followed reports earlier this year of the contributory mort-
gage companies, Registered Securities, Ltd, and Landbase being investigated for irregularities. He had $5OOO invested in R.S.L. on a first mortgage of 18 per cent and $20,000 at 20 per cent in Landbase.
His two children each had $2OOO in R.S.L.
Mr Staples said Mr Palmer’s assurances to investors made him agree to his daughter’s decision to "roll over” maturing funds.
“It is absolutely scandalous that politicians can make remarks which affect small investors like myself.”
“The money I invested was saved over a good many years,” Mr Staples said. “I am not going to make that in the next 10 or 20 years.”
He said he was luckier than many elderly people who had their life savings in the collapsed companies.
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Press, 16 August 1988, Page 8
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168‘Minister gave costly advice’ Press, 16 August 1988, Page 8
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