BoN warns public

Holidays and Cash (H&C) and TVI Express in violation of the law.

25 October 2010 | Die Mark
The Bank of Namibia has become aware of two networks/schemes known as Holidays and Cash (H&C) and TVI Express that are operating in Namibia in violation of the law.

The activities of the above resemble those of selling and marketing pyramid schemes as defined in section 1 of the Banking Institutions Act, (Act No. 2 of 1998) in terms of receiving funds from the public.

In a statement issued in Windhoek on Friday, the Bank of Namibia warns the public about the dangers of investing or participating in these particular schemes and other schemes of a similar nature.

“Furthermore, the Bank of Namibia would also like to caution all promoters of H&C and TVI Express, including persons who attempt to recruit others, either by word-of-mouth or via spamming email messages to join these schemes, anywhere in Namibia, to stop such practices immediately.

“After the Bank of Namibia scrutinised the business models of both H&C and TVI Express against the relevant provisions of the Act, the Bank of Namibia concluded that the business operations of the two above-noted schemes place substantial emphasis on recruitment of participants to these schemes. In this respect, the schemes offer lucrative incentives to the participants, calculated primarily on the basis of the number of participants or members they recruited into the schemes. It is evident that these recruitment-based incentives serve as a bait to attract potential participants into joining the schemes, with the prospect of making easy money by recruiting others.

“Furthermore in the whole, selling of purported products or services is a small component of the business models in the two schemes and therefore designed to defraud members of the public.

“Given the above, these business models contravene the provisions of the Act when subjected to the definition of ‘receiving funds from the public’ and are therefore considered illegal. The Bank of Namibia therefore appeals to each and every law-abiding citizen of this country to refrain from participating in any activities of H&C and TVI Express,” says Ndangi Katoma, head of corporate communication of the Bank of Namibia.

The Bank of Namibia further requests the public to report such activities to the bank through the Banking Supervision Department at 283 5040 or email: [email protected] or Corporate Communications Division.

Soortgelyk

 

29 Zambiërs gevang wat onwettig visvang

15 ure gelede | Visserye

Altesaam 29 Zambiese burgers is Donderdag in die Muyako-gebied by Ngoma in die Zambezistreek vir onwettige visvangste in hegtenis geneem.Die polisie sê in sy misdaadverslag...

Witwarm aanbod by motorskou

1 dag gelede | In beeld

Besoekers aan vanjaar se Namibië Toerisme Ekspo (NTE) sal kan huis toe ry met splinternuwe wiele danksy uitstekende finansieringsaanbiedinge by die Nedbank Motorskou. Die pasgemaakte...

Werkloosheidsyfer skiet op

1 dag gelede | Maatskaplik

Augetto Graig - Die amptelike werkloosheidsyfer in Namibië staan nou op 34%. Dít blyk uit inligting wat Woensdagoggend deur die statistiek-generaal van Namibië, mnr. Alex...

Polisie op Maltahöhe tas in donker

1 dag gelede | Plaaslik

Henriette Lamprecht - “Ons is van die lewe afgesonder.”So beskryf ’n bron die donker situasie wat nou al vir meer as ’n maand by die...

Stalaktiete

1 dag gelede | Kuns en vermaak

Mense, gisteraand is ek weer in vervoering. Ek sit vanoggend nog met ’n bewe op my. ’n Paar maande gelede laat sit ek ’n TV...

Tiener het baba glo uit jaloesie vermoor

1 dag gelede | Misdaad

Francoise Steynberg 'n Tienermeisie (16) gaan vandag in die landdroshof op Keetmanshoop verskyn nadat sy Dinsdag haar voormalige kêrel se babadogtertjie van een jaar en...

Berugte hoofweg eis nóg twee lewens

1 dag gelede | Ongelukke

‘n Botsing vroeg gisteroggend op die B2-hoofweg tussen Usakos en die afdraaipad na Spitzkoppe het die lewe van twee mense geëis. Die slag van die...

Weer vir 26 Mei 2017

1 dag gelede | Weer

BINNELAND: Gedeeltelik bewolk en baie warm in die Noorde en in die //Kharasstreek. Elders sal dit sonnig en warm tot baie warm wees. In...

Kalender 26 Mei

1 dag gelede | Kuns en vermaak

Nou aan die gang» Kom ervaar vandag Paul Godard se kunstige fotografiese interpretasie van Namibië se asemrowende landskappe, geïnspireer deur die wilde perde van die...