JUST IN: Don't do business with Global Green Network, BoN warns

The Bank of Namibia (BoN) has directed members of the public not to conduct any business with the Global Green Network as its operations constitute an illegal financial scheme.

The central bank made the call this week, and said the outcome of an investigation into the network’s activities were in contravention of the Banking Institutions Act, based on its modus operandi.

The investigation revealed that its business activities constitute an illegal financial scheme in contravention of section 55A of the Act, due to the network not offering any products for sale and because its marketing strategy places emphasis on the recruitment of new members to earn an income, it said.

“As new members are recruited, existing members advance in the business hierarchy, earning higher commissions as their recruits (downline) bring in more people,” the central bank said.

“The business activities of Global Green Network - also trading as Global Green Trading - contravene the Act. Therefore, the promoters of Global Green Network are hereby directed to cease the operations and promotion of these schemes."

BoN directed that members of the public are hereby directed to cease participation in Global Green Network while also urging Namibians to be on lookout for the type of scams described above. It added that citizens should recognise the distinctive features of such scams, verify information and promptly report any suspicious activity.