Last year the Australian Prudential Regulation Authority (APRA) commenced legal proceedings in the Federal Court preventing Wealth Accelerator Systems Pty Ltd, Wealth Accelerator Holdings Pty Ltd, Enterprise Management Systems (Australia) Pty Ltd, Bishkek Holding Pty Ltd and named individuals from carrying out activities including accepting subscriptions for membership of organisations described as "ISH Bank", "ECO Bank" and "EC Market Bank".

APRA has obtained evidence from members of the public who have paid money to the companies in relation to the bank schemes.

The Federal Court has ordered that the trial of the proceedings is to commence on 22 April 2002.

Any person who has paid money to the companies in relation to the bank schemes and who has yet to submit to APRA documentary evidence of the payment(s) is requested to contact Natalie Shaw at APRA on (02) 9210 3261 urgently and in any event by no later than 28 February 2002.

For further information contact:

Gloria Peterson Public Affairs Manager 02 9210 3384