Two Companies Subject To Pyramid Probe | Lao Tribune

Two Companies Subject To Pyramid Probe

Prime Minister’s Office issued the notice No 511, dated Apr 9, 2018 addressed to the Governor of Bank of the Lao PDR urging the governor to probe the fundraising activities of Financial.org Company and FO Training Organiser Company and take lawful actions if the two companies are found guilty of Ponzi fraud.

The notice also urges the Bank of the Lao PDR to immediately warn people, especially investors, of possible falling victim to other pyramid schemes.

In September 2017, PS Lao Enterprise President Souknaly Thepsimeuang, and 11 other key members of the company were arrested following a massive public protest.

As many as 50,000 people deposited a combined amount of 800 billion kip with the company with a view to receive a promised high interest rate.

Source: Lao News Agency