Avoid Off­shoreEast

Weekend Argus (Saturday Edition) - - PERSONALFINANCE -

Act with cau­tion when deal­ing with Off­shoreEast Pri­vate Wealth Man­agers, based in the Far East, the Fi­nan­cial Ser­vices Board (FSB) warns.

Ac­cord­ing to the FSB, a South African man was ap­proached di­rectly by the com­pany and bought shares that turned out to be worth­less.

The man made pay­ment to a bank in Hong Kong. He be­came sus­pi­cious when he tried to sell the shares but was told that he needed to make a fur­ther pay­ment to “va­cate war­rants” that had sup­pos­edly been ap­plied.

Off­shoreEast Pri­vate Wealth Man­agers op­er­ates through the web­site www.off­shoreeast.com and boasts of­fices in Tokyo and Bei­jing. The com­pany is not reg­is­tered with the FSB.

The FSB re­minds you, be­fore deal­ing with any lo­cal or over­seas fi­nan­cial ser­vices com­pany, to check whether or not such a com­pany is au­tho­rised to ren­der fi­nan­cial ser­vices in South Africa, by call­ing its toll free num­ber, 0800 110 443, or vis­it­ing its web­site, www.fsb.co.za. – Staff Re­porter

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.