One-link update

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Central Bank of Solomon Islands. Photo by CBSI
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CBSI maintains that the scheme is unlicensed, risky and has no funds in the bank

BY ALFRED PAGEPITU

THE Central Bank of the Solomon Islands is sticking to its verdict that One Link Pacifica is an unlicensed investment scheme.

The Central Bank also clarifies that One Link does not have any funds deposited in CBSI accounts.

In a media statement yesterday, CBSI says, “The Central Bank of Solomon Islands (CBSI) wish to clearly state that its position on the ONE LINK PACIFICA (OLP) issue remains unchanged and that people should refrain from investing in the scheme.

“CBSI wishes to further correct latest rumours circulating in Honiara and in provinces around the country about OLP having its funds deposited in CBSI accounts, as false and misleading information.

“Such false and misleading information are meant to create confusion among the general banking public, instil confidence to the current members of OLP, and to entice new individuals into joining the OLP.      

“CBSI does not hold any funds of this nature, and by law, CBSI cannot accept deposits of money from any Pyramid/Ponzi schemes, let alone the mentors of OLP or from the OLP itself.    

“Section 10(2) of the CBSI Act 2012 prohibits CBSI from opening accounts on its books for any natural persons or private enterprises.

“Therefore, the claim that CBSI holds money for OLP is not true.

“CBSI and the Solomon Islands Financial Intelligence Unit (SIFIU) have clarified all these issues in its recent press conference about OLP, and will continue to provide any advice or information to the people of Solomon Islands regarding these types of get-rich-quick schemes or activities.”

CBSI last month came out publicly labelling One Link as an illegal money investment scheme which is unlicensed. CBSI is the national authority which issues out banking licence, and it has not given One Link any.

Since then, Honiara City Council has reinforced the barrage on One Link by publicly announcing that it has not granted the scheme a business licence to operate in Honiara.

One Link has hit back via media statements describing itself as neither a bank nor a pyramid scheme, but something which “helps” its members financially.

Several members of One Link speaking to Island Sun explain that they invest a principal amount which they received back in 30 days quadrupled.

They say One Link may be facing problems with the legal side of the scheme, but “on the ground, it is definitely helping struggling people financially”.

On the question of why authorities have not arrested or closed down the scheme since they deem it illegal, HCC last week explained that they cannot simply close it down for the sake of the more-than-60,000 members.

HCC says instead that it would stand by and watch what ever happens to One Link.

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