By Kwabena Adu Koranteng
The Bank of Ghana (BoG), the national banking regulator has finished the investigations into the controversial GHc1.2 million transaction between Opportunity International Savings and Loans (OISL) Company and Telex Free Incorporated, a US based company with subsidiary in Ghana which the transaction has backfired, Daily Express investigation has revealed.
Opportunity International Savings and Loans (OISL) deal with the Telex Free Incorporated to transact some businesses with the US Company, but the deal failed leading to the loss of about GHc1.2 million.
The Telex Free was allegedly secured GHc1.2 million from OISL as a loan facility to be disbursed to a large number of Telex Free clients. But the US Company was allegedly unable to retrieve the loans back from its clients and also failed to pay the loan back to OISL. This was when the mother company in Massachusetts, United State went into bankruptcy.
The Head of Banking Supervision Unit at the central bank Mr. Franklin Belnyeon stated in an interview that he ordered investigation into the failed transaction but stated that he is yet to study the report. ??I will act according after studying the report,?? he added.
checks revealed that before BoG ordered investigation into the transaction, OISL did not inform the regulator about the said failed deal. There was such no document from the OISL on the said matter and as a matter of fact it was really the first time BoG was hearing Telex Free as of Thursday 26th February, 2015.
Before BoG will start the investigation the central bank audited the finances of Opportunity International Savings and Loans and prepared a report on it. The central bank never discovered the OISL and Telex Free transaction in any of their findings. The curiosity from the media and the general public prompted the central bank to order investigation into the saga.
The Chief Executive of OISL, Mr. Kwame Boateng in an earlier interview had indicated that the Bank of Ghana was aware of the transaction and they had written officially to the BoG notify them about their loss.
Because of this transaction nine workers have been sacked allegedly to cover up for the OISL mistake which led to the loss of that GH?1.2 million.
Meanwhile the freaky twist to this whole matter is that while the CEO of OISL told this paper that he did write to the central bank about the loss of the said amount even though the BoGearlier said it has no such document from OISL to that effect, the country representative of Telex Free Mrs. Olivia Kwapong has also disclosed to this paper that the US company is already was talks with the OISL on the side to pay back the money on strict condition that OISL retracts its statement that the deal was fraudulent.
The Federal Bureau of Investigation (FBI) report on TelexFree on May 09, 2014 stated that the owners of TelexFree Charged in US$1 billion Pyramid Scheme.
A criminal complaint was filed in U.S. District Court in Worcester, Massachusetts against James M. Merrill and Carlos N. Wanzeler, principals of TelexFree Incorporated and related entities.
Similarly the Telexfree Brazil (YmpactusComercialLtda) was also suspended in June 13, 2013 after the company allegedly operating a Ponzi scheme.
Telexfree’s Brazilian operations were regarded as one of the largest financial frauds in Brazil’s history, according to Brazil’s Ministry of Justice and the Federal Public Ministry. The Ministry stated that the number of investors labeled as “promoters” by Telexfreewere not determined as off the end of August 2013. But the Company?s Director Carlos Roberto Costa said that the company had 1,049,619 active promoters in Brazil.
The company was under investigation by Brazilian authorities, which led the Court to freeze the company’s and its owners’ assets in Brazil despite numerous appeals concerning the suspension of its operations in Brazil.
Despite this, Telexfree Brazil (YmpactusComercialLtda) denies the accusations and said that it operates under the multi-level marketing structure, commercializing VoIP services.
Source: kwabena Adu Koranteng