2 Jun 2005

PNG warned about fast-money schemes

4:27 pm on 2 June 2005

Papua New Guineans have been warned against putting money into 'fast-money' schemes.

The warning came from the Inter-Government Relations minister, Sir Peter Barter, after an advertisement appeared in a newspaper asking people to invest their savings into a scheme.

The minister has identified these fast money schemes as U-Vistract, the self-styled Royal Assembly of Nations and Kingdoms, as well as the so-called International Banks of Meekamui and Papala.

He said these are not proper banks or investment funds, but are fast-money schemes.

The National Court has a warrant of arrest for Noah Musingku, who is known to be behind several of the schemes.

Sir Peter says this is the reason Mr Musingku and his closest associates are surrounded by armed men.

He says they are afraid of the people they have tricked.

Sir Peter says despite the impressive titles their promoters use and the connections they claim with financial institutions in other countries, the reality is that the schemes are illegal - not only in PNG but everywhere else.