A “smart savings” program has recently been advertised on some websites,
saying that depositors can enjoy a whopping interest rate of 22 to 30 percent
if they join in an investment trust offered by a financial investing company.
“Anyone having the need to
deposit money to receive high interest can get it via the GP Vietnam Investment
Co Ltd. The company gathers a number of financial experts who have graduated
overseas,” a post on yeutretho.com reads.
The ad continues by introducing
the “investment trust” package, where people can deposit their money for a term
of at least one month to enjoy interest rates of 22 to 30 percent a year.
The appealing ad has successfully
caught the attention of many website readers.
‘Invest in world financial market’
Tuoi Tre reporters under the
disguise of depositors visited the GP Vietnam’s headquarters on floor 12A of
the CDC building, 25 Le Dai Hanh, Hai Ba Trung District, Hanoi, and were
received by its CEO, Nguyen Minh Giang.
The CEO said the company will
prioritize using the deposits from customers and its own equity to “invest in
the world financial market.”
“Particularly, we will invest in
the stock exchanges in the US and Australia,” he said.
Giang also admitted that he has
received only a few of customers.
“Most of the depositors are my
friends and relatives,” he said.
The investment trust contract
composed by GP Vietnam Co states that depositors will receive a monthly
interest rate of 2.15 percent at the end of the savings term, and it is not
allowed to cancel the contract before maturity.
“The contract can only be liquidated
before maturity with agreement from both the company and depositors,” the
document said.
GP also functions as an
intermediary to connect local investors with their international investment
funds. Local investors will open a Visa account and transfer their money to the
funds, in order for the latter to invest in the international stock exchanges.
However, Giang denied running the
investment trust when Tuoi Tre officially contacted him via telephone, saying
GP Vietnam only functions as an investment consultant.
He then immediately said he was
busy and hung up the phone.
Against the law
Truong Ngoc Anh, chief of the
secretariat of the supervisory agency under the State Bank of Vietnam, said GP
Vietnam is going against the law if it is actually operating the investment
trust.
“Under the Law of Credit
Institution, only credit institutions are allowed to conduct investment trust
activities,” he explained.
“Any businesses wishing to
operate an investment trust has to set up a credit institution and acquire the
license from the SBV.
“The SBV has so far granted no
license for the GP Vietnam Co,” he added.
Anh said no businesses can gain
high enough revenues to repay interest at the supposed 22 to 30 percent rate.
Meanwhile, financial expert Bui
Kien Thanh said high profits are always accompanied by high risks.
“The public should stay cautious
against programs that offer such high interest rates,” he advised.
TUOI TRE
Business & Investment Opportunities
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