Dear All,
I have posted about this in the past; the Global Alliance for Legal Aid represents thousands of the poor scammed by a fake MFI in Uganda, and who were further damaged by other lenders who issued loans to the victims without doing much due diligence on the loan purpose. Several of these lenders we believe were aware that a pyramid scheme was underway. And, at least one of these lenders was also providing banking services to the pyramid scheme 'directors.'
Here is more on the Ugandan case:
(Also, caveat lector, the Kenyan statistic should read $30m in Kenya defrauded instead of $300m. This is a typographical error.)
Additionally, in Kenya there is also an ongoing class action against Govt. of Kenya for its regulatory failures which harmed thousands similarly defrauded by pyramid schemes:
Similarly, we believe that in our Ugandan case, Ugandan regulators were remiss in failing to monitor markets and failing to intervene to shut down the pyramid scheme.
We are asking for redress for the victims in the form of 1) cancellation of the outstanding loans to MFIs, SACCOs and other lenders which were invested in the pyramid scheme; and 2) the establishment of a victims' compensation fund.
The latter can be done with funds from the deposit protection scheme, and if necessary additional support from the international community.
If the above does not happen, we will be left with litigation as the only alternative.
This may be intellectually interesting for us lawyers, but it will not bring rapid redress to the victims who continue to suffer. Nor will it enrich the lawyers as GALA and the law firm of Simmons and Simmons, UK are working pro bono. ( I mention this last fact because it is usually a standard complaint about class action litigation, that lawyers are the only ones to profit.)
Thanks for your interest, and forwarding this to any person you believe may be interested to assist.
Best regards,
Jami Solli
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Posted by: Jami Solli <jamisolli@gmail.com>
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