Holac Posted April 17, 2015 (RBC Radio) Mogadishu: A few years ago people in Hargeisa were gobsmacked to learn that the get-rich-quick ( fadhi-ku-dhereg) was a Ponzi scheme dreamt up by people with the intention to get rich quickly but illegally. According to a Somali website a similar scheme could be operating in Puntland under a company called Tiens based in China. Brokers for the company use what the Somali website calls “distribution of shares” to woo investors. According to a woman who is involved in the Tiens scheme in Bosaso, Four Star, another company with similar services and marketing strategies, is operating in Puntland too. Tiens Burco branchUS$25 joining fee is demanded of any new member of the scheme. The second requirement is to buy medicines costing US$ 200 of medicines by Tiens distributed through Tianshi Distribution, which is identified on the paperwork as Tianshi Health Production Company. Tiens is operating in Burao, in northern Somalia where religious leaders and educators have warned people against being ripped off by the company whose business practices are not wholly known. They have called for Somaliland government to investigate Tiens. It is not clear how Tiens set up shop either in Bosaso or Bura’o. Quote Share this post Link to post Share on other sites
Tillamook Posted April 17, 2015 I hope the authorities in Puntland take heed and bring it to an end immediately. Quote Share this post Link to post Share on other sites
