PS business partners waiting for the payment of their principals(Paksap Mai, Xaythany, Vientiane, Mar 30)
(KPL) The President of PS Enterprise, Ms Souknaly Thepsimeuang, confirmed on Thursday that its business partners wishing to withdraw their principal money from the company can do so only after three months.
“If customers (business partners) want to withdraw money from our company, they have to wait for three months and if they want to take back their principal right now, they will be able to take them in kind (the products of the company),” said Ms Souknaly.
“We have organized a press conference today due to the fact that confidence in our company among our members is declining and we would like to confirm that our company is still financially capable, is not going bankrupt, and we will not put society in trouble and we will not disappear like Asian Face and other companies,” said Ms Souknaly.
The PS Enterprise has currently stopped receiving applications for new membership. The company currently has over 25,000 members (partners), decreasing from over 200,000 as announced in 2015.
Over several years a lot of Lao people have been lured into the so-called pyramid scheme as they were told that they would get high returns on their investment.
In 2015, more than USD 15 million belonging to Lao people was lost in a pyramid scheme begun by a Malaysian company – Lao Maxkey- Stable Limited, generally known as Maxkey. Only five people were arrested.
On Wednesday, the Asian Face appeared on social media as another pyramid scheme.
The company manager was under the protection of police officers as they were afraid that the manager might be injured by angry people who had turned up in large numbers at the headquarter of the company in Phontong-Chommany, demanding that the company pay back their principal after realizing that they had not received the high returns on investment the company had pledged to pay.
More than USD 15 million is believed to be lost in the pyramid scheme started by the company.