NATION

Beware Of Offshore Deals: Whiteside

Members of the public are advised to refrain from investing with Ecovexco Investment Group, a company that has been advertising investment opportunities through the local newspapers. A statement released last
09 Mar 2015 13:35
Beware Of Offshore Deals: Whiteside

Members of the public are advised to refrain from investing with Ecovexco Investment Group, a company that has been advertising investment opportunities through the local newspapers.

A statement released last Saturday by the Reserve Bank of Fiji said: “Any entity or company inviting members of the public in Fiji to contribute capital to such investment ventures must first obtain approval from the Reserve Bank of Fiji.

“In the case of Ecovexco Investment Group, no such approval has been granted by the Reserve Bank. Offshore investments by any individual in Fiji also require the prior approval of the Reserve Bank.”

RBF Governor Barry Whiteside said the public should exercise extreme caution when making decisions on such offers of investment opportunities.

Mr Whiteside reiterated that it was crucial that the public first enquire on the credibility of the people behind such schemes, and only invest in products and ventures that they understand.

The Bank also stated that there were strong indications that the proposal offered by Ecovexco Investment Group is an investment fraud.

The company promises investors huge returns of up to 15 times their capital investment in high risk sectors like foreign exchange brokerage, oil, gas and gold exchange, the statement said.

The Bank is aware that notices of investment caution have been issued against Ecovexco Investment Group by securities regulators in British Columbia and Manitoba in Canada,.

This is where the company attempted to solicit investment funds from the public without seeking necessary prior approval.

Contact addresses provided by Ecovexco Investment Ltd in the newspaper advertisement stated that it was based in New South Wales, Australia. Checks with the Australian Securities and Investment Commission (ASIC) and the Australian Companies office have revealed that the company was not registered with them.

For further information, please contact Lorraine Seeto, RBF chief manager risk management and communications on telephone 322-3402; email lorraine@rbf.gov.fj or Mervin Singh, manager corporate communications on telephone 322-3229; email mervin@rbf.gov.fj.

 

Subscribe to E-Edition
pacific island top up
Rewa Fiji Dairy Ltd
Subscribe-to-Newspaper
Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: