One Link collapse looms - Solomon Star News

One Link collapse looms

21 February 2020
Solomon Islands Financial Intelligence Unit Director, Mr. Jimmy Sendersley speaking at a press conference on Thursday. [Photo: Ian Kaukui]

ONE Link Pacifica (OLP) scheme which is operating illegally in the Solomon Islands is showing signs of collapse and eventually its natural death soon.

That's according to a joint statement from the Central Bank of Solomon Islands (CBSI) and the Solomon Islands Financial Intelligence Unit (SIFIU).

SIFIU Director Jimmy Sendersley at a press conference on Thursday said according to information received, some members have already received their promised benefits in November and December 2019 whilst a good number of members are still currently waiting for when is their next payout.

“From the current trend of things happening with One Link now, there are signs that the scheme is nearing collapsing and eventually will lead to natural death,” he said.

Sendersley outlined some of the current signs that they have observed, noticed and thought that One Link is nearing collapse. They are;

- Delay of payments when matured after 30 days (1 month);

- Half payments and request members to roll over their money/investment for another term (30 days or more);

- Enforcing other strict rules to deny members from getting their money invested in the scheme; and - Partial payments only on installments and not as promised. 

He said there are also complaints from some members of the scheme who are yet to receive their promised monetary benefits.

“There are also some delaying tactics – alleging that funds will be coming from overseas for the scheme to cater for the next payout including withholding the true identification of the scheme founder such as name and address,” he said. 

Sendersley added now, there is an introduction of new fees (mainly administration fee), which was not introduced at business inception. 

“There’s also a blaming game, blaming financial Institutions and regulators for delay or non-payments which in fact, there are no funds kept for One Link in the CBSI or overseas.

“The involvement of foreigners as shareholders or investors is not true and there are no links connecting One Link Pacific to any organization or individuals overseas,” he added.

He said currently no formal complaint has been heard as members still have hopes to get their benefits.

“Currently nobody is reporting to Police but we believe that soon people will start to complain,” he said.

He then encouraged victims to such schemes to take up cases with Police as those operating such can be charged under Penal Code, for stealing, fraud, false pretense, conspiracy to procure payment and so forth. 

“CBSI would like to encourage the public to think first before investing in get-rich-quick schemes. Contact us should you like further advice or information about the One Link Pacifica or any other Fast money-making schemes that are being promoted in the country,” he added.