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Momodou
Denmark
11684 Posts |
 Posted - 13 Apr 2012 : 19:38:26
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Foroyaa Burning Issues: HAVE THE MANAGERS OF LEADWAY ASSOCIATES ABSCONDED?
Angry Customers Fear losing Millions
By: Fabakary B. Ceesay & Mamadou Dem
On Wednesday 11 April, a group of angry and frustrated men and women of different nationalities, believed to be customers {clients} of LEADWAY Associates Limited, a “Global Forex Investment”, stormed the Foroyaa newspaper office and lamented that they have suspicion that the operators of the company have either absconded or embezzled their savings, an amount they are yet to established. The angry customers told Foroyaa that they have lodged complaints with the Fraud Squad of The Gambia Police Force at the Police Headquarters in Banjul. They also added that the Police took statements from them for further investigation into their claims.
According to the angry customers, some of them were lured by the marketing officers of the said company who were going around convincing people to save their money with them on the basis of earning a handsome interest of 40 percent every 6 weeks. They said that they were convinced that the company is legally registered in the Gambia and had been given licence by the Central Bank to operate a Forex business. They stated that they saw it as a lucrative business opportunity for them to make profit and earn a healthy income.
Some customers said they have deposited more than D100,000, D400,000, D70,000, D60,000, D50,000 and some up to D1 Million, respectively. Most of them said they deposited these amounts less than a month ago. The customers, who were almost in tears said they became suspicious a week ago that a financial scam may be in the making, when members of the National Intelligence Agency {NIA} allegedly detained and questioned some of the company’s senior officials. They added that during the course of last week, they tried in vain to contact the manager and senior members of the company, but that their cell phones kept on ringing without any answer. They said within two days the cell phones were completely switched off.
The angry customers noted that they could not establish the nationality of the people behind the company, but were told that some are Ghanaians and some Nigerians. The names of the senior officials that they can recall are, Mr. Williams, the Manager, Mr. Akeam, Accountant, Mr. Frank, Coordinator, Mr. Emmanuel, Chief Trader and Mr. Sheriff. They said the contact numbers of the aforesaid officials are 3114858, 3868357, 3853209, 7719967, 7578970 and 7627742, respectively.
The information gathered by Foroyaa from reliable sources has it that on Tuesday 10 April, about 50 people, said to be working as marketing officials of the company were arrested in connection with the said financial scam estimated at D20 Million. The said arrestees were said to have been first detained at Serrekunda Police Station and later transferred to the Fraud Squad at Police Headquarters in Banjul. The information added that when the news of the arrest of some people from the company spread in town, the angry customers stormed the Serrekunda Police Station, thus prompting the Police to transfer the suspects to the Fraud Squad in Banjul for questioning. The information also added that the senior officials of the company are at large. On Wednesday, while these reporters were working on the information at Police Headquarters in Banjul, they noticed the presence of nearly a hundred or more people, including men and women, especially the youth queuing and waiting at the office of the Fraud Squad to give statements to the Police. Some told Foroyaa that they were asked by the Police to come over and give statements as to how much they have deposited with the company.
When contacted the Police Spokesperson, Assistant Superintendent of Police {ASP}, Yerro Mballow said the Serrekunda Police received complaints from the customers of the company on Tuesday and the matter was later referred to Banjul. ASP Mballow stated that the Fraud Squad is tirelessly working on the matter and they are in the process of taking statements from the affected people. He added that investigation into the matter is high on their table and they are expecting more people to come forward to give statements. He noted that as at now they did not execute any arrest and did not know the actual or the estimated amount involved, but it will be known when they finish their investigation into the matter.
The LEADWAY ASSOCIATE Limited is said to be operating as a “subsidiary of FXPRO Financial Services Limited, licensed by the Gambia Government with registration number RC: 161/2011”. The office of the company is located at 151, Mosque Road , Serekunda, The Gambia. The company is also said to be operating in Ghana , at Suite 53 , first floor, Danladi Complex, SSNITT Road , Bolga , Ghana and another office in Cyprus at Karyatidon 1, ypsonas 4180, Cyprus .
Editor’s Note
The customers should select a few to serve as a delegation to find out from the registrar of companies whether LEADSWAY ASSOCIATE was registered. They could also meet the Central Bank authorities to find out whether the company was under their supervision. They should ensure that the representatives selected are persons of integrity who will conduct themselves with maturity to enable them to carry out thorough investigation to determine whether their suspicion is based on facts and not fiction. The managers of LEADSWAY ASSOCIATE could also contact Foroyaa to make clarification if they are ready to pay the customers as agreed.
Source: Foroyaa Online
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A clear conscience fears no accusation - proverb from Sierra Leone |
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Momodou
Denmark
11684 Posts |
Posted - 13 Apr 2012 : 19:43:35
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Foroyaa Editorial: THE DANGER OF FINANCIAL SWINDLING THE CENTRAL BANK HAS SUPERVISORY ROLE
Foroyaa has been emphasizing that the Gambia has a transit economy that does not depend on the productive base of the country.
It is evident that up to 1.6 billion dollars in foreign exchange is traded in the Inter Bank market. This volume of financial transactions has given rise to the growth of investment in the financial sector both at the formal and informal level.
This is why the service sector contributes more to GDP than any other sector.
The danger of a transit economy is the volatile nature of the transactions and investment. It takes a speculative character and flight of capital becomes swift when the companies face any threat. This could cause to a loss of savings and jobs.
The Central bank has a supervisory role to safeguard the public from swindles from financial institutions. People in the Gambia should be very vigilant and should investigate the viability of a financial institution before depositing any money. The Central bank could also mention in its periodic press releases the names of the registered financial institutions that are under its supervision. The Bank should intensify awareness programmes to assist people in the Gambia to know the way to avoid financial swindling.
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A clear conscience fears no accusation - proverb from Sierra Leone |
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toubab1020
12306 Posts |
Posted - 14 Apr 2012 : 12:04:37
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There is a saying ,"If something looks too good to be true then it probably is"
" 40 percent every 6 weeks."
"they have deposited more than D100,000, D400,000, D70,000, D60,000, D50,000 and some up to D1 Million, respectively"
IF TRUE that LEADWAY Associates Limited,have committed criminal offences several questions have to be asked,:
Are those responsible still in the country?
Who are these people?
Where is the money?
IF the money can be traced how can it be "frozen" until enquiries have been completed by the authorities.?
Loads more questions have to be put,I think that the people who have reported the alleged loss of their money are only some of the "investors"
Are these people greedy ? My answer, Yes.
I am certain that when the "average Gambian" knows about this story their reaction will be,not one of sorrow but a totally opposite view.
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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