Public warned against unlicensed investments
Wednesday, May 24, 2023 | 4020 Views |
A press statement from BoB and CCA advises the public that a company named Ecoplexus Solar Equipment (Pty) Ltd (Ecoplexus) is not licensed or authorised by either the Bank of Botswana or Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to undertake the business of either banking or provision of financial services in Botswana. “It is, therefore, illegal for any person to solicit and/or accept deposits from members of the public disguising or masquerading as an investment scheme. Pyramid schemes and other illegal deposit-taking activities (such as ponzi schemes or fraudulent investment vehicles) are unlawful in Botswana as the nature of these operations contravenes Section 3(1) of the Banking Act (Cap. 46:04) and Section 9 (1) of the Consumer Protection Act No. 5 of 2018,”further reads the press statement.
The statement also highlights that the Banking Act, in particular, restricts transacting banking business and/or advertising for or soliciting deposits of money solely to licensed banks. “It is also a criminal offence, punishable by law, for any person to undertake or promote the aforementioned activities in Botswana, as that constitutes unfair trading practice. Section 5(1) of the Banking Act empowers the Bank to investigate a person or entity suspected to be conducting unlicensed banking business and/or illegal deposittaking activities.
The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...