𝐖𝐀𝐑𝐍𝐈𝐍𝐆: 𝐒𝐄𝐂𝐔𝐑𝐈𝐓𝐈𝐄𝐒 𝐂𝐎𝐌𝐌𝐈𝐒𝐒𝐈𝐎𝐍 𝐎𝐅 𝐏𝐀𝐏𝐔𝐀 𝐍𝐄𝐖 𝐆𝐔𝐈𝐍𝐄𝐀 (𝐒𝐂𝐏𝐍𝐆) 𝐖𝐀𝐑𝐍𝐒 𝐏𝐔𝐁𝐋𝐈𝐂 𝐀𝐆𝐀𝐈𝐍𝐒𝐓 𝐈𝐍𝐕𝐄𝐒𝐓𝐈𝐍𝐆
𝐈𝐍 𝐔𝐍𝐑𝐄𝐆𝐈𝐒𝐓𝐄𝐑𝐄𝐃 𝐎𝐑 𝐔𝐍𝐑𝐄𝐂𝐎𝐆𝐍𝐈𝐙𝐄𝐃 𝐔𝐍𝐈𝐓 𝐓𝐑𝐔𝐒𝐓𝐒 𝐀𝐍𝐃 𝐌𝐀𝐍𝐀𝐆𝐄𝐃 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓 𝐒𝐂𝐇𝐄𝐌𝐄𝐒
Port Moresby, November 11, 2024- Port Moresby, 11 November 2024-The Securities Commission of Papua New Guinea (SCPNGSCPNG Securities Commission of Papua New Guinea) is
issuing a strong warning to the public about the risks of investing in unregistered or unrecognized unit trusts and managed investment
schemes. The Commission has received numerous reports of investment opportunities in schemes that are not registered or recognized
by SCPNG, which pose significant risks to investors due to the absence of proper regulatory oversight and investor protection.
SCPNG Acting Chief Executive Officer, Mr. James Joshua, emphasized, “Investing in unregistered or unrecognized unit trusts and
managed investment schemes can lead to severe financial losses. These schemes operate without the necessary regulatory
framework, meaning they lack the scrutiny, transparency, and legal protections that registered investments provide.”
The Commission urges all investors to verity the registration status of any investment scheme before committing funds. Registered
schemes must meet stringent standards, ensuring transparency, accountability, and fair treatment of investors.
Tips to identify Investment Scams:
1. Check Investment Scheme Registration: Always confirm that the investment scheme is registered with SCPNG;
2. Beware of High Returns: Unregulated schemes often promise unrealistically high returns. If it
sounds too good to be true, if likely is.
3. Conduct Research: Investors should perform due diligence and seek advice from licensed investment professionals before
making decisions.
4. Report Suspicious Activity: Anyone aware of unregistered or unrecognized investment schemes
should report them to SCPNG for investigation.
Additionally, SCPNG would like to clarity that ENEG Investments Limited (posing on social media as SSE PNGPNG Papua New Guinea or SSE ENEG) has never
applied for a license with SCPNG, nor is there any record of ENEG Investments Limited being registered as operating a unit trust
scheme in Papua New Guinea.
Lastly, other Unit Trust or Managed Investment Schemes that have never applied to the Commission for registration, nor is there
any record of them being registered as operating a unit trust scheme in Papua New Guinea, include but are not limited to the
following entities:
1. Golden Sun (where people are purportedly paid according to the number of movies they watch and review);
2. Faith G Credit Finance & Investment Limited (where people invest money for about a year with a promise of a profit of four times
the amount they invested);
Port Moresby, November 12, 2024-Acting Chief Executive Officer of Securities Commission of Papua New Guinea (SCPNG), James
Joshua, today announced that the Commission is initiating an awareness on the legal operation of Unit Trust or Managed Investment
Schemes in Papua New Guinea.
Mr. Joshua explained that Part V or sections 183-275 of the Capital Markets Act, 2015, (CMACMA 2015 Capital Market Act 2015) discusses the law in Papua New Guinea
relating to the regulation of Unit Trusts Schemes (aka) Managed Investment Schemes.
He said that a Unit Trust Scheme, is an arrangement that relies on a Trust Deed (within the context of the CMA and the declarations
or exemptions of the SCPNG) to dictate how a Trustee oversees the management of pooled funds or assets (of members of the Unit
Trust) for directed investment or caretaker purposes, as well as for returns for unit holders, etc.
The contents of a trust deed, according to section 210 of the CMA covers all the main requirements in all the relevant divisions in
Part V of the CMA 2015CMA 2015 Capital Market Act 2015, which essentially means that a Trust Deed and part V of the CMA dictate how a Trustee oversees the
management of pooled funds or assets (of members of the Unit Trust) for directed investment or caretaker purposes, as well as
for retums for unit holders and others.
To register a Unit Trust Scheme, the applicant must:
1. Apply for registration:
i. Submit a copy of their trust deed;
ii. The trust deed must be approved by the Commission, which is done when Unit Holders elect or appoint a trustee pursuant to
iii. the provisions of that trust deed;
The directors of the trustee must sign a statement saying that the trust deed complies with the requirements of the CMA (which
carries criminal liability if found to be untrue;
2 The trustee must be licensed by the Commission;
3. The unit trust scheme must have more than 20 members; :
4. Registration by the Commission gives life to the Unit Trust Scheme and not the other way around.
Mr. Joshua then stated that after this awareness, those who are deliberately operating unregistered Unit Trust Schemes will be
prosecuted using the full powers granted to the Commission.
Appreciate your clarification.
By the way we must understand by getting to the core of why all the people running for promising investment opportunities even though it may sound scam.
1. Papua new guinea is now becoming an expensive places on Earth to do business and earn living.
2. Corruption is eating away the fabrics of our society.
3. Lawlessness is a major problem for all citizens and worst for the SME owners as well as those who want to start up something for a living.
4.government is turning a blind. They can not provide proper avenue for save investment opportunities for our people.
These are some of the reasons why people are investing in some schemes That may sound scam but they have been getting returns on the investments. And mind you,
Thousands of people have already registered with these trusts with amounts above K3000.00, even K20,000.00, so you don’t want to risk al these money. If you can’t provide something like that, it’s best leave it as it is. If they loose it it’s their money and their problem.
I would advise you to have a round table discussion with the founders of the schemes to find out and learn as well if there were a possibility for such avenues for investment to give better return on investment to help the low class people.
There should be a way to help our marginalized people in the community. Let’s not dwell on the traditional way of doing things where businesses only want benefit on the expense of poor people. People are making money online aided by better technologies in the first and second world countries. Let’s try to learn and do something to help our people. We have been sleeping on the high paid government jobs without no concern for the people below us, who are struggling to earn a living.
I don’t condone scam but let’s Handle issues with care, over millions of Kina have been invested in on these trust schemes. They are paid weekly and fortnightly on their investment. You don’t want to cut this off with abrupt decisions.
Thank you.
How can view or see which financial company have registered?
Can the SCPNGSCPNG Securities Commission of Papua New Guinea check and make sure SSE PNGPNG Papua New Guinea is registered. Concerned citizen
Which company is registered with SC?
So the SSE PNGPNG Papua New Guinea is not licensed?
Please 🙏 confirm is SSE is right platform
I am interested for operation that are going through.
Regarding
Lucas sorari
Is ENEG or SSE real? Because most of us, Papua New Guineans invest in there.
Can you please help to create an individual account?
I invested some money in Faith G Investment. They had a 10 month promotion saying invest this amount and you will receive this much after maturity. However after 10 month has gone we tried getting our money and they are giving all kind off excuses. Please can relevant authority look in to this. They are now lo dated at time square building 2nd floor.
Thank for the awareness, I am a victim of ENEG investment scheme, they just close all whatsapp groups, and erase all ENEG applications Data when now they are no way to be found, pleaes need urgent investigation and apprehend the criminals, Papua New Guineans have lost there hard earn incomes and savings. We want them this Scammer arrested!
Hi ,can SCPNGSCPNG Securities Commission of Papua New Guinea assist the people that were scammed, currently the KINA BANK SSE account wonderful earth ACC#34287211 is still active, can SCPNG assist those that put money into this account for the kina Bank to reverse all transactions made to this account back into the scammed victims accounts so SSE PNGPNG Papua New Guinea can’t run away with the cash that has been collected
Hi ,can SCPNGSCPNG Securities Commission of Papua New Guinea assist the people that were scammed, currently the KINA BANK SSE account wonderful earth ACC#34287211 is still active, can SCPNG assist those that put money into this account for the kina Bank to reverse all transactions made to this account back into the scammed victims accounts so SSE PNGPNG Papua New Guinea can’t run away with the cash that has been collected