After ING New Zealand froze its Diversified Yield Fund (DYF) and Regular Income Fund (RIF) in March 2008, nearly 8000 investors were left with no option to access $521 million.

It should be noted that many of these investors had invested their money into funds after they were advised to do so by ANZ investment advisers.

As of now, these investors are protesting to get their money back and in order to do so they have taken their procession to streets.

Recently, near about 20 unsatisfied investors spent 45 minutes of their lunchtime protesting outside ANZ bank's Blenheim branch. Some of these investors had deposited more than half million dollars into the funds.

It would be worth mentioning that the national Frozen Funds Group, a collection of groups nationwide, comprises of the Blenheim protestors, ranging from nearly six members in Ashburton to nearly 50 in Hawke's Bay.

A proposal to pay out 60 cents to 62c of each dollar invested, or 83c to 86c of each dollar after five years was given by ING and ANZ. Some of the investors have rejected this offer.

(Via TopNews New Zealand. Contributed by Girish Kumar Guha)