Central Bank Tells PS Lao Enterprise to Stop Illegal Fundraising | Lao Tribune

Central Bank Tells PS Lao Enterprise to Stop Illegal Fundraising

(The Bank of the Lao PDR has made an announcement telling members of the public not to trust any fundraising activities by the PS-Agriculture and Industry Development Import-Export Co, Ltd, mostly known as PS Lao Enterprise or PS.

The notice, issued on June 2, 2017 by the central bank’s office, said that the company has conducted various tactics to mobilise money from people unlawfully, despite having being warned and fined several times by relevant authorities.

The objective of issuing this notice is to prevent damages to members of the public that may be brought about by illegal forms of fundraising by PS Lao Enterprise, which lures them into a fraudulent trap by promising high interest rates, the announcement stated.

The Bank of the Lao PDR and other relevant government sectors will not take responsibility for any financial issues or debts the company owes its depositors, saying that such financial issues or debts either in the past or in the future are the company’s sole responsibility.

The depositors or members (of the company) who have been financially exploited by the company may ask local courts or police officers in charge of economic affairs to seek further help and have their issues addressed, said the announcement.

The bank also has ordered PS-Agriculture and Industry Development Import-Export Co, Ltd to return all money to its depositors within a month starting from June 6, 2017 and report in writing to the central bank’s office with within 30 days as of July 6, 2017.

The central bank has also ordered the company to stop claiming that all relevant state sectors will be involved in addressing its financial and other issues and to stop using all methods of fundraising.

Source: Lao News Agency