NEW QUICK MONEY SCHEME OPERATING IN BOUGAINVILLE

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By Thomas Kilala

PORT MORESBY, Papua New Guinea (October 17, 2001 – The National)--Another quick money scheme has surfaced -- this time in North Solomons province.

People are being asked to invest K 1,500 (US$ 431.25) in return for a K 35,000 (US$ 10,062.50) payout three months later.

The company, Toakei Finance Limited, started operation two weeks ago, attracting investors from all corners of the province.

While people are digging into their pockets to invest in the scheme, others are asking whether the company is a legal entity -- unlike other recently failed quick money schemes.

Some islanders have been informed that a company known as Hosava Stock Limited, of which Toakei Finance Limited is a subsidiary, has not been officially launched to conduct business.

Potential clients are also calling on the appropriate authorities to publicly inform them in Bougainville whether the company is genuine.

A company representative in Buka, Esrom Toligur, Jr., when asked by The National to comment, said it would be premature for him to say anything until such time that the umbrella company, Hosava Stock Limited, is officially established in Port Moresby.

The form being distributed to potential investors about the company’s terms, conditions and warranties says that the subscription fee will buy shares for K 100 each in 13 financial companies that will be established by the umbrella company throughout the country.

The information form says that a portion of the money will be invested in the trade market to earn interest, which will be paid out to clients as monthly dividends after the initial three-month payment of K 35,000.

For additional reports from The National, go to PACIFIC ISLANDS REPORT News/Information Links: Newspapers/The National (Papua New Guinea).

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