Time for an investigation into Chrisco

Teetering Christmas hamper company Chrisco is again in the news and for all the wrong reasons.

This blog highlighted the mendacity Chrisco advertising campaigns and now their major competitor seems to have noticed as well. Once again Chrisco make the news for all the wrong reasons.

A “serious balls-up” by Christmas hamper company Chrisco needs to be investigated by the Government, a rival hamper company says.

Hampsta New Zealand Ltd has asked the Ministry of Consumer Affairs to investigate after Chrisco Hampers claimed money deposited by their customers went to an AAA rated bank.

The money however, was deposited in a bank with a AA rating – a less secure rating.

Consumer Institute chief executive Sue Chetwin said that action breached the Fair Trading Act.

“They are misleading customers.”

A Commerce Commission spokeswoman confirmed today that the commission had an open investigation into Chrisco under the Fair Trading Act.

The ComCom needs to look seriously into the business practices of this company. They have ben caught lying, what else are they lying about?

Are they even solvent after all the highly suspicious corporate restructuring that has gone on in the background and the fire sale of  Richard Bradley’s killer mansion?

Bizarrely Chrisco, despite using this claim of AAA rating for at least 16 years thinks they can just simply apologise fro duping their customers eyar in year out and this case simply highlights the lack of appropriate regulation in this area where hundres of millions of dollars of customers funds are at risk. Worse those customers are some of the poorest in the nation and think they have been “saving” with a AAA backed organisation whent eh reality is the products are over-priced and the comnpany has lied.