Kenyan Forex Trader Requests the Government to Create Regulatory Framework
18 August 2014, 11:11
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A Kenyan forex trader is petitioning the government to roll out rules
governing the forex industry in order to shield participants from
extortion by law enforcement officials. Officials of VIP Portal Incorporated complained that police extorted and
generally harassed them for operating illegally yet there is no law to
guide their operations, reported Kenyan newspaper, the Standard.
“Let the Government assist us by introducing regulations that will guide how we operate. We should not be branded a pyramid scheme and accused of illegally operating unregistered forex bureau when there is no law that guides us,” INC’s director Charles Njuguna told the press in a hotel in the capital of Nairobi.
He lamented that the company’s bank accounts were frozen with at least 8 million shillings (roughly $92,000) after the firm was called a pyramid scheme (Ponzi scheme). Banks were also told not to carry out any transactions with the company, added Njuguna.
“Let the Government assist us by introducing regulations that will guide how we operate. We should not be branded a pyramid scheme and accused of illegally operating unregistered forex bureau when there is no law that guides us,” INC’s director Charles Njuguna told the press in a hotel in the capital of Nairobi.
He lamented that the company’s bank accounts were frozen with at least 8 million shillings (roughly $92,000) after the firm was called a pyramid scheme (Ponzi scheme). Banks were also told not to carry out any transactions with the company, added Njuguna.
