High Returns On Deposits

[CheshireTom]

Yes, if you look at post 67 above , you can see I have noted that we changed directions and we won't be a microfinance organaization, but an auto lombard. We are not regulated by the National Bank and are not required to have a website and post financials etc.

 

I'm glad you pointed that out. So, who are you regulated by, if not the National Bank?

 

We will still have an audit done each year by an independenpt firm to be sure that everything is accounting for ok both for financial and tax purposes.

 

That's good to know.

[davebuczek]

I'm glad you pointed that out. So, who are you regulated by, if not the National Bank?

 

 

 

That's good to know.

 

No official regulation, except for regular civil laws and the tax authorities. Unlike the US, the tax authorities audit every company at least once every few years. It is not random as in the US. For me, this is actually good as we will comply with all regulations and we should get a clean report. Also I will know the company records are being record accurate and complete, even though I do monitor things very closely.

[CheshireTom]

No official regulation, except for regular civil laws and the tax authorities.

 

Is there some form of licensing to lend money? Or, are you unregulated and unlicensed? Apologies for all the questions.

[davebuczek]

Is there some form of licensing to lend money? Or, are you unregulated and unlicensed? Apologies for all the questions.

 

No worries on the questions. No licensing or regulations regarding lending money. Regulations on financial institutions are usually due to protecting customer deposits (i.e. FDIC insurance in the US). The microfinance institutions here (as I originally mentioned we were to become) are regulated, but the National Bank does not monitor them closely as they have little or no customer deposits and would not have a signficant impact on the banking sector if things go wrong (i.e. run on bank deposits, etc).

[CheshireTom]

No worries on the questions. No licensing or regulations regarding lending money.

 

LOL. I can imagine Chivas knocking one out reading that!

[davebuczek]

LOL. I can imagine Chivas knocking one out reading that!

 

As I mentioned above, Civil and Tax law applies and there are binding contracts between the parties. There is no regulation from the National Bank, but laws still apply and are enforceable.

[joseph1]

hahahahahah....thanks, I was getting a bit tired....needed the laugh....by the way....where can I sign up for the DEAL????

[davebuczek]

hahahahahah....thanks, I was getting a bit tired....needed the laugh....by the way....where can I sign up for the DEAL????

 

Nice post keyboard warrior. Way to get that post count up to 91...

[papillon]

Be better off walking across the Thai/Cambo border with 10K of Ice gaffer taped to your waist.

[Paul BRS]

one thing i think i have learned since living here is this...

 

When somebody states, they have x amount, it cost this much, they know x major in the police... they probably dont...

 

People who have wealth, knowledge or indeed contacts dont go around shouting about it.

 

I prefer the friend or aquantence who has, knows and has done!

 

Sorry for grammer.... iphonr....

[davebuczek]

Be better off walking across the Thai/Cambo border with 10K of Ice gaffer taped to your waist.

 

Anbother keyboard warrior post. No wonder you have so many posts. Talk to MM or some others and ask if they know me and if I am throwing out some scam. Anyway we have been very successful the past 6 months and some have actually invested and are receiving their interest payments.

[davebuczek]

one thing i think i have learned since living here is this...

 

When somebody states, they have x amount, it cost this much, they know x major in the police... they probably dont...

 

 

People who have wealth, knowledge or indeed contacts dont go around shouting about it.

 

I prefer the friend or aquantence who has, knows and has done!

 

Sorry for grammer.... iphonr....

 

And your post is based on what? Who is shouting about it? I am just looking for people who are interested in earning a nice return on their capital. Either way we will be successful, it is just a matter of how fast we grow. The more investment we get the faster we grow or we have slower organic growth.

 

We will also have audited financial statements prepared on an annual basis to increase transparency for investors.

 

Also, I am in Patts now until January 7 (along with some of my staff) so if you or anyone would like to meet I would be happy to do so. Just PM me.

Edited December 23, 2012 by davebuczek

[papillon]

Talk to MM or some others and ask if they know me and if I am throwing out some scam.

 

How many of them have invested?