NEWSFLASH: Central Bank of Lesotho bans TVI Express

Lesotho joins the growing list of African nations banning TVI Express as a money circulation scheme.

http://www.centralbank.org.ls/news/TVI%20Express.htm

PRESS RELEASE

TVI EXPRESS The Central Bank of Lesotho has become aware of a network/scheme known as TVI Express that is operating in Lesotho in violation of the law.  The activities of this scheme resemble those of a selling and marketing pyramid schemes as defined in Section 2 of the Financial Institutions Act, 1999, in terms of receiving funds from the public. The Central Bank of Lesotho would like to warn the public about the dangers of investing or participating in this particular scheme and other schemes of a similar nature.  Furthermore, the Central Bank of Lesotho would also like to caution all promoters of 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 Lesotho, to stop such practices immediately. After the Central Bank of Lesotho scrutinized the business model of this scheme against the relevant provisions of the Act, the Central Bank of Lesotho concluded that: -           Its business operations place substantial emphasis on recruitment of participants to it.  In this respect, the scheme offers lucrative incentives to the participants, calculated primarily on the basis of the number of participants or members that have been recruited into it.  It is evident that these recruitment-based incentives serve as a bait to attract potential participants into joining the scheme, with the prospect of making easy money by recruiting others. -           In the whole, selling of purported products or services is a small component of the business model in the scheme and therefore designed to defraud members of the public. Given the above, this business model contravene the provisions of the Act when subjected to the definition of “receiving funds from the public” and therefore considered illegal.  The Central Bank of Lesotho therefore appeals to each and every law-abiding citizen of Lesotho to refrain from participating in any activities of TVI Express.  Further, the public is required to report such activities to the Central Bank of Lesotho, through the following offices:  Financial Institutions Supervision Division Contact: Ms. Nomonde Sixishe  at 22232026 Public Relations Division Contact: Mr. Thato Mohasoa at 22232139