The Dunedin meeting between ING chief executive Helen Troup and about 200 upset investors on Friday has been described as a huge public relations exercise which did nothing to address the concerns of those who attended.
An investor, who wished to remain anonymous, said the meeting, chaired by media trainer Dr Brian Edwards, allowed people to "vent a bit" but there was no negotiation.
It changed nothing.
The meeting is one of a series being held by the company throughout the country to explain the final offer to investors in two funds frozen in March last year, which contained money from more than 13,000 people.
The funds, the diversified yield fund and the regular income fund, at their peak were worth about $800 million, but ING now values them at about $143 million.
Units in the two funds were issued at $1.
The investor said a concern for those at the meeting was that they had been told the value of units was now 20c, but not told what that was based on.
Investors have been offered 60c a unit, or 62c, depending on the fund they are in.
They can take the money or invest it in an on-call savings account at ANZ at a guaranteed interest rate of 8.3%.
Investors are angry at the amount of the offer and that if they accept it they waive their right to make a claim or take legal action against ING New Zealand, ING Group, ANZ, their directors and staff, and any adviser that recommended the funds. (ANZ owns 49% of ING.)Investors have until July 13 to make up their minds.
The outcome of the official investigation into the marketing practices of ING and ANZ by the Commerce Commission is not expected before that date.
Those at the meeting felt they had been poorly informed about the risks, thinking that they were low to moderate .
"We were encouraged to see this as a long-term retirement investment and that it was as safe as money in the bank."
He said he had lost most of his family inheritance money invested for his retirement.
"I should have bought a house."
He no longer regarded having money in the bank as safe.
He said there were repeated references by those who spoke about their loyalty to ANZ, a loyalty they did not feel had been reciprocated.
Investors had not been wildly speculative.
They were conservative "mum and dad investors", quiet people who had been advised to put their money in the funds because it was safe.
Ms Troup said the company and ANZ had put in $400 million to make the offer.
The ODT did not attend the meeting.
It was told if it did so it could not report anything the investors said.
