I share this from the National's archive to point out how people in my area were deceived into believing in this scam.
I talked them not to buy a K500 per share but many didn't hear me.
I told them to see the share price for BSP on the POMSOX that is usually printed every day in the newspaper and it was selling at 50 toea per unit then so how come a company that does not have assets and as popular as BSP be selling their share at K500.
I told them if they wanted to invest, BSP and New Britain Palm Oil would be ideal.
It fell on deaf ears.
Still today there are many gullible people who are public servants, village farmers and even university graduates who can't reason beyond what is promoted to them at face value.
We must be critical and law must penalise scammers severely.
Hundreds of people may have been conned into investing thousands of their hard-earned kina in a supposedly gold buying company whose boss is facing fraud charges.
Some of these clients who bought shares with supposed gold trader KVDC Gold Limited are now calling on the management of the company to refund their money.
This newspaper reported on Tuesday that managing director of KVDC Gold Limited Caspar Musarow from Kairuru Island in East Sepik was charged with false pretence with intention to defraud after he allegedly conned a man into getting his gold without paying for it.
Mr Musarows arrest has led his clients to believe they might have lost money invested in the company.
A woman employed with the National Capital District Commission told The National yesterday (Wed Nov 23) that she wants KVDC Gold Limited to give back her money after she bought a share worth K500.
I have been waiting since 2003 to receive my payout but so far nothing is forthcoming.
I am still holding onto my certificate that I received after paying the money but I dont know the whereabouts of this company anymore, she said while requesting her identity not be revealed.
According to documents obtained by The National the woman had bought one share worth K500 on 3 April 2003 and was given a KVDC Gold Sales Certificate.
After I paid the K500 into their bank account, I was advised by the management that as soon as the first 1000 shares were sold out the dividend payouts would commence on a monthly basis, she said.
She claimed the management advised her to keep checking since the Managing Director was out of town but when she fronted up at the KVDC office at Garden City, she read a notice from the landlord advising the public that the office had closed due to non-payment of rent.
But in a KVDC newsletter, Mr Musarow told his clients that their office at Garden City was closed due to the sacking of the main office staff that had been using the office to conduct their own businesses.
The newsletter also promised a huge payout, and social security equivalent to the unemployed benefits currently available to the Australian public.
Another man who did not want to be named for this report also claimed he bought one share worth K500 but has not received the promised payouts.
I just want my K500 back. I dont want any promised interest because every time I called, the management told me that lawyers were still busy clearing KVDCs account, he said.
A widow, a mother of ten children in Rigo village, Central province also bought an undisclosed number of shares in the hope of earning enough money to cater for her children but has not received the promised payout.
Attempts to contact KVDC Gold Limited were in vain. Telikoms Faults section confirmed that the telephone numbers listed for KVDC were cancelled and did not exist.
Mr Musarow is out on a K500 bail and will appear before a magistrate in the Waigani Committal court tomorrow.
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