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ANZ pulls sponsorship of investor groups that sent members offensive tutoring video
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11851578
FB: https://www.facebook.com/nzherald.co.nz/posts/10154427633491302
The country's biggest bank has terminated its sponsorship of the Auckland Property Investors Association (APIA) amid fallout from a tutoring video encouraging investors to target desperate homeowners.
The video, by Auckland property tycoon Ron Hoy Fong, urged buyers to look for the "seven Ds" - which included deceased estates, divorcees, dummies who don't know the value of their homes and desperate families facing tight deadlines or mortgagee sales.
The video - revealed by the Weekend Herald - has been distributed to APIA members.
Its tactics have being labelled appalling and exploitative, with claims Fong has been coaching investors to take advantage of vulnerable people.
Fong has denied the claims and said he would never try to deceive anyone.
ANZ announced on Friday it was reviewing its sponsorship of APIA in light of the video. In a statement today, the bank's retail and business banking director, Antonia Watson, said ANZ was ending its commercial partnership with the association.
"We met with APIA this morning and advised them of our decision to terminate our sponsorship agreement.
"We have zero tolerance for being associated with people who recommend exploitation of individuals for their own benefit."
Auckland's biggest realty firm Barfoot & Thompson also reviewed its sponsorship. Director Peter Thompson told the Herald the firm would continue to sponsor the association after APIA officials apologised and immediately withdrew the video.
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