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ING - Source: ONE News -
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ING New Zealand has paid out around $398 million to investors in its frozen funds, according to the New Zealand Herald.
In a letter to financial advisors ING said the payment is the last step in a long process for those investors who took up its offer.
ING made a final offer to investors in July as part of a deal for investors get some of their money back from two funds frozen last year.
The funds were frozen amid the credit crisis after their value plummeted and investors looked to redeem their investments.
ING offered 60 cents for each dollar originally invested for investors with the Diversified Yield Fund, and 62 cents for those with the Regular Income Fund, with a an offer of up to 90 cents in the dollar with no interest if they waited another five years.
Around 95% of the funds' 13,000 investors took up the offer with 85% taking the five-year option.
As part of the offer, investors waived their right to future legal recourse.
It is understood that ING is sending out letters to investors confirming the payment over the next few days.
