May 27, 2021
By Aruna Kamara in Bo
Customers of ‘My Residual Income Global –SL limited’ commonly known as ‘My Coin’ stormed the Bo Police station in an angry mood upon hearing that the Manager of the institution Patrick Jobeth has been invited by the police for interrogation. This follows a Press Release issued by the Bank of Sierra Leone, declaring My Coin illegal to operate a financial institution.
The customers thronged to the Police station and were chanting: “release him to pay our money so that he will not escape…” Others were hollering and questioning: “why are you now arresting him…”
Addressing the angry crowd, the Head of the Community Relations at the Bo West Police Division, Ibrahim Sourie Kamara appealed to the irate group of customers to calm down, whilst conceding that the people have right to talk where their money is.
The Resident Minister is said to have visited the office of My Coin with the Police to provide update on what is happening. He is quoted as telling the people: “It does not mean your money has gone in vain. There are procedures to follow. It was not the police who stopped the operation of My Coin…”
The Resident Minister also told the people that the security wants them to exercise patient as their issue and concerns are redressed in terms of recovering the money.
According to the Police Head of Community Relations Mr. Kamara: “As I am talking to you now the new Assistant Inspector General of Police in the south is now in a meeting with the Executive Management Board (EMB) to discuss the issue.
He said after that meeting the Resident Minister and the security will inform the customers. He expressed dismay that the people have come out in huge number to protest even though they were earlier admonished to keep calm.
The Police say they did not arrest the owner of the banned My Coin institution but was interviewed on Tuesday and released.
However, impeccable sources within Police say the manager of My Coin has not regularized the status of its institution and that they will not release him for the security of his life.
A-Z reliably learnt that the head of the institution was working on completing the regularization of the status of his institution when the staff from bank of Sierra Leone stormed their office in Bo to terminate their services.
The Bank of Sierra Leone Press release dated 25th May, 2021 indicated that ‘’We refer to the press release dated 10 April 2019 in which we noted among others , that the Bank has not licensed or permitted any business or financial transaction institutions to take deposit from the public for the purpose of investment or trading in crypto-asset( for example BITCOIN).
In this regard, the attention of the Bank of Sierra Leone has been drawn to the activities of a company called: “My Residual Income Global –SL limited ’’ located in Bo. The Company runs a scheme that involves accepting deposits from the public for investment in crypto-Asset/crypto currency.
The release says : ‘’The Bank of Sierra Leone wishes to be known that it has not licensed ‘’My Residual Income Global –SL limited ‘’ to carry out financial services in Sierra Leone , Their Business activities are in contravention of section 7(6) of the Banking Act 2019 which states that : A person who transacts Banking business without a valid licence under this Acts commits an offence and is liable on conviction to imprisonment for a term not exceeding 10 years or to a fine which is equivalent to twice the amount of deposit collected in contravention of this act or both and section 3(1) of the other financial services act 2001 which states that: ‘subject to section 8 , no person shall carry on any financial activity unless that person holds a valid license issued by the Central Bank.
Therefore, the activities of My Residual Income Global-Sierra Leone Limited are illegal. Accordingly, pursuant to section 44(1) of the Bank of Sierra Leone act 2019,section 7(6) of the banking act 2019 and section3(1) of the other financial services act 2001. The Bank of Sierra Leone directs that My Residual Income Global Sierra Leone Limited immediately terminate its operation of taking deposits from the public to invest or trade in crypto- assets because My Residual Income Global Sierra Leone Limited does not hold a valid licence for this purpose.’’
According the release, the public is required to look for the Bank of Sierra Leone issued Licence that are to be displayed in the premises of any financial institution licence by the bank of Sierra Leone engaging in any financial transaction with that institution.
The Bank of Sierra Leone hereby advise members of the public that are engaging or seeking to engage in any financial transaction by way of making deposits for investment with my residual income Global Sierra Leone limited or any other business operating such scheme without a valid licence issued by Bank of Sierra Leone does so entirely at his/her own risk. The public is hereby warned forth with.
The public notice goes for all other similar businesses that have not been regularized by the Bank of Sierra Leone.
The Bank of Sierra Leone indicated that actions taken to close down the operation of My Residual Income Global Sierra Leone Limited are to ensure that safety and soundness of the financial system in Sierra Leone are done in accordance with the legal mandate of the Bank Sierra Leone.
My Residual Income Global Sierra Leone Limited is an online cum ofline Network Marketing Organization that was burned out of the need to build up people financially all across the globe to the point of experiencing high quality life , It deals with buying and selling of crypto-currency wherein members or customers of the institution are able to make profit within the period of 22 days and you are allowed to withdraw your money twice with 60% of your capital within the period of 44 days , which will end the closure of the investment. But you can still continue with the business after the closure of the investment with any amount greater than the previous one.