Mogadishu (PP News Desk) — Mogadishu-based private investors of Daljir Forex Trade have accused Sakariye Abdullahi Hussein, the company owner, of making off with their investments.
Investors have demonstrated in front of Daljir Forex Trade premises in Mogadishu. “We are demonstrating to lodge a complaint with authorities about Sakariye Abdullahi Hussein, who promised us that we would make profits on our investments but he had fled with our investments. We do not know his whereabouts” one woman said.
Daljir Forex Trade had issued investors with identification cards bearing the name of the investor along with a receipt showing the amount of investment to which the investor committed the venture. One receipt shows the same amount of the investment denominated in Somali Shillings and US Dollars. The company’s tagline reads in translation: Gain profit without sweating.
Last year, Forex traders in Somalia have advertised their services on television networks to promise quick returns on investments without making investors aware of risks associated with this asset class. Forex business is unregulated in Somalia. Money-changers have set up Forex companies without disclosing how they execute trades in a country with no a stock exchange.
The Central Bank of Somalia has published guidance on Forex services to make potential investors aware of risks in foreign exchange markets. Demonstrators asked for the Federal Government of Somalia to track and bring the alleged culprit to book.
© Puntland Post, 2020