CMA CEO says, “In line with our consumer protection mandate, we assure all stakeholders including investors that the SIB operations under the Money Manager licence are in compliance. We also undertake regular monitoring and surveillance of all licenced entities. We confirm that the compliance levels of the operations of SIB under the Money Manager licence meet the standards.”
The crux and conmanship is on the small print on its website that goes something like, “Investing in the foreign exchange market, alternative investments, and other leveraged asset classes carry a high level of risk, and may not be suitable for all types of investors. Before deciding to invest in any type of high leverage trading, you should carefully consider your investment objectives, length of investment and risk appetite. The possibility exists that you could sustain a loss of some of your initial investment and past performance is never indicative of future results. Terms and conditions apply.”
So, whereas on one hand Mansa X promises a 24 per cent income on a minimum investment of Sh250,000, they call it a ‘high level risk’ on the other hand.
CMA has in the past defended or regulated entities that collapsed leaving Kenyans with huge losses.
Like Mansa X, Maalim Group also boasted of regulation by Capital Markets Authority (CMA).
Maalin Group disappeared with Sh15 billion of investors money under CMA watch.
Till date, CMA has not moved to recover money for Maalin Group investors. CMA should move to stop Mansa X.
Currencies, commodities and stock markets all over the world are experiencing losses, with the Nikkei of Japan down 5%, Dow Jones of US down 13% and the FTSE of Europe down 19%, it remains a mystery how Mansa X is going to deliver 24% per annum to investors investing in offshore markets that are losing money.
Mansa X has not yet provided a list of actual assets that support the promised return of 24 per cent.
Analysts agree that Mansa X has all the elements of a ponzi scheme as it lacks the underlying assets that can pay the overrated 24 per cent per annum return being promised to investors.
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