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

 

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