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Momodou
Denmark
11528 Posts |
 Posted - 01 Jun 2010 : 11:27:14
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DKK 13 million in micro-loans disappeared
Using a type of pyramid scheme, a Kenyan swindler has defrauded investors in African micro-loans of 1.77 million Euro, or around DKK 13 million, writes daily newspaper Fyens Stiftstidende.
- This is terrible. He is doing a lot to damage the message that we are trying to send: that Africa is a business case, not a fraud case, Funen businessman Mads Kjær tells Fyens Stiftstidende. Mads Kjær is head of MYC4, who arranges micro-loans in Africa.
MYC4 opened to investments in micro-loans in 2007, and the idea is that people can help entrepreneurs in African countries by investing rather than through traditional development aid.
Source: DR
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A clear conscience fears no accusation - proverb from Sierra Leone |
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toubab1020
12242 Posts |
Posted - 01 Jun 2010 : 14:15:43
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"This is terrible. He is doing a lot to damage the message that we are trying to send: that Africa is a business case, not a fraud case,"
This is very true,it is not confined only to this company,I suspect that there are many ordinary people who have tried to help people in Africa start a small business to improve the lives of their families,and had a bad experience in the way that the loan,gift, was used,this is only the latest incident to be exposed in unsatisfactory use of money that has not been utilised for the intended purpose . |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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