We aggregate local news of events in Solomon Islands.
The Office of the Prime Minister & Cabinet has issued a statement clarifying misleading reports over support for the One Link Investment scheme by confirming that the Government cannot render any support towards such an enterprise in the absence of proper compliance by owners of the scheme including thorough due diligence and comprehensive analysis of the current legal framework regulating such enterprises within the country.
The statement from the Office of the Prime Minister and Cabinet said that in view of recent information and awareness made by the Central Bank of Solomon Islands (CBSI), the Government also concurs that due to the nature of operations of the scheme, it recognises the One Link Pacifica scheme as a pyramid scheme.
The Government understands the case of One Link Pacifica is as follows:
1. One Link Pacifica began operation in mid-2019 – without CBSI approval and without a Business License from HCC.
2. One Link Pacifica investment is widespread in the country with a total membership of over 60,000 investors
3. CBSI is firm on its decisions not to issue Banking License to One Link Pacifica
4. HCC has refused to grant Business License to One Link Pacifica
5. One Link Pacifica has vowed to continue its operations despite non-issuance of Banking License by CBSI and Business License by HCC
6. HCC has issued a 7-days’ Closure of Business Notice to One Link Pacifica
The Government further encourages all to adhere to advices by the CBSI until such time an assessment being carried out under directives from the Prime Minister by relevant agencies such as MOFT, RSIPF, AGC and other related institutions, is finalised and submitted as a report to the Prime Minister and Cabinet.
The Government does not encourage the public to be part of a pyramid scheme.
The Government further informs that any individual or organisation who is part of the One Link scheme does so at their own risk.
The Government through its relevant authorities is working collaboratively to address the One Link issue to safeguard the public from being misled by investment schemes that do not comply with existing laws and regulate financial transactions which are profit orientated.
The Government is working collaboratively with the Ministry of Finance and Treasury, CBSI, Ministry of Commerce, Industries, Labour and Immigration also Company Haus, Ministry of Police National Security and Correctional Services including RSIP, Ministry of Home Affairs and Honiara City Council to meet and design plans to mitigate the potential risks that One Link Pacifica is putting on its members.