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22 November 2019 Year 30 Vol: 12
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Traditional leaders threaten to withdraw from LHTL after report - page 3
Public hearings on NHI go down with strong political bias - page 4
Leopards aim at collecting more points against Chippa - page 20
of a scam money. Slowly, however, cracks started appearing. In March last year, a branch of Global Bitcoin About two weeks ago, Limpopo Mirror made Investment was launched in Thohoyandou contact with a disgruntled investor, who told us and was hailed as an initiative through which that he had invested just over R70 000 in the “we will win the war against poverty”. The scheme in October 2018. Among other things, investment initiative now seems to have been he was promised that he would earn one Bitcoin nothing more than an elaborate scam and seven months after investing. In May 2018, many investors stand to lose all their money. when “interest” on his investment was due to be Global Bitcoin Investments occupied office paid out, this would have been worth about space in the Choppies Mall, opposite Phalaphala R121 500. The payment, however, did not hapFM. It formed part of the global BitClub Netpen and he also realised that his investment had work (BCN), which was stated to have a membeen made into an incorrect “pool”. His efforts to bership of more than 100 000, with branches in try and recover his money amounted to nothing, countries such as Malaysia, South Korea, Japan with phone calls being ignored. and the UAE. BCN is involved in Bitcoin mining, When being questioned as to what documenthe process whereby the cryptocurrency, Bitcoin, tation had been signed and what the agreements is created. entailed, he answered that no paperwork was Bitcoin mining was punted as a lucrative involved. The only documents forwarded to him investment option, with earnings well beyond were two marketing pamphlets, giving a brief what established financial institutions can offer. outline of how the BitClub scheme works, but Many investors seem to believe that it provides a these pamphlets were very vague. way in which they can double their money in less We sent a reporter to the office in Thohoythan a year. andou last week to try and find out if it was In June last year, Global Bitcoin Investments still open for business. At “Office no: 8, 9 & 12, held a special function during which donations Silver Square Mall” no-one was to be found, with were made to several local charitable organichains and locks on the doors. Hawkers opersations. The event was attended by dignitaries, ating across from the premises said that some which included councillors from the Thulamela staff members did open up now and then, but for Municipality and even a representative of the most of the time the offices remained locked. National Youth Development Agency. The company was praised for its entrepreneurial vision Who is Global Bitcoin and its philanthropy. Investment experts had their doubts about the Investments? achievability of some of the promises made by the BitClub marketers, but for more than a year The company was registered in December the Thohoyandou-based company proceeded 2017 and has only one director, the 38-year-old with their business and collected investment Enock Phathutshedzo Nembilwi. During the By Anton van Zyl
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2016 local elections, he stood as a candidate for COPE in a ward in the Thulamela Municipality. The registered address for Global Bitcoin Investments is a house in an upmarket residential area in Louis Trichardt. Last Friday, a removal truck was parked in front of the house, with workers busy loading expensive furniture. When the owner of the house was contacted, he said that Nembilwi used to be his tenant. He was not aware of the fact that Nembilwi had registered the house as a business premises. He said that he had recently sold the house and the new owner would be moving in soon. Nembilwi was given notice and moved out. On a question of whether Nembilwi was behind on his rent, he merely answered that “he owes me a lot of money”. The cellphone numbers supplied for Nembilwi did not work. One of the numbers did not ring and the other was answered by a woman, who denied any knowledge of a Mr Nembilwi. We tried another contact number, which was for Mr Marshil Makananisa, who worked for the company. When he was asked about Global Bitcoin Investment, he said that he was no longer involved with this company. “I quit,” he said. When prompted to elaborate, he said that the staff were no longer being paid. He said that five more people working for the company had all left. “What I know is that a lot of people are complaining about Mr Nembilwi,” he said. He could not assist with additional phone numbers where Nembilwi could be contacted. A series of questions were emailed to Nembilwi at the official address provided, but he did not respond. Last week, questions about Global Bitcoin In-
? vestments were sent to the liaison department of the Financial Sector Conduct Authority (FSCA). The FSCA was asked whether the regulating and monitoring authority was aware of the BitClub scheme and whether an investigation was being conducted. In spite of sending the email to more officials at the FSCA (after receiving no replies), we had received no responses at the time of our going to press. The sole director of Global Bitcoin Investments, the 38-year-old Enock Phathutshedzo Nembilwi.