Farmers around the country may stand the risk of never see the return of their investments if the Vanuatu Government does not act quickly to investigate the Vanuatu People’s Investment and Equity Fund Limited or VPIEF.
Evidence now show VPIEF is registered to three individuals. The company is registered under the names of Louis Kalnpel and two other persons.
VPIEF was registered on April 23rd 2015 but has been operating for over five years or more and has been collecting contributions from people around Vanuatu.
The information provided continues to show that VPIEF is not a multiple share company even though it operates like one and collects membership fees from all over the country and behaves like a public company that will each year pay members a dividend.
With a reported 500,000 million collected from people around the country, there is a risk as after many years of operations the company has now been registered as a private company.
Information is flowing in after allegations that VPIEF has not been paying dividends to its members for a number of years. The issue esculated on social media after information started to circulate that VPIEF is using members funds to fund the Vanuatu Presidential Party campaigns.
Another interesting information is on the registration, there is no rules of operations. Under the Vanuatu Companies Act, section 125: (a) prepare an annual report on the affairs of the company during the accounting period ending on that date; and (b) send a copy of that report to each shareholder.
But as VPIEF is a private company only the registered shareholders have the opportunity to look at the annual reports if they are any.
The questions still remains as to the plight of thousands who have registered and whether there is protection to their investments.
Part 2, section 9, of the Vanuatu Company’s Act states clearly that (1) A company may be registered as a private company if: (a) its rules prohibit it from offering its securities to the public; and (b) its rules restrict the number of shareholders in the company to not more than 50; and (c) it has not more than 50 shareholders.
VPIEF has thousands of members around the country and YTS will update more for the public on this story as it unfolds.