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Mayor Mamae and City Clerk Rence Sore have met with the Deputy Governor of the Central Bank of Solomon Islands Raynold Moveni and have concurred with CBSI’s decision over One Link Pacifica licensing issue.
In response to One Link Pacifica, Mamae said it is sad to know that the former City Councilor Henry Star Dora has not learned the true meanings of laws and ordinances during his term as Councillor for Honiara City.
He said Laws are enacted by the National Parliament whilst ordinances are passed by the Full Council of the Local Level Government. National laws are supreme than council ordinances – local level ordinances therefore must be read in light of the national laws.
“In case Dorah fails to comprehend, the Financial Institutions (Amendment) Act 1999 requires that ‘no person other than a body corporate shall be issued with a license to carry on banking business pursuant to this act’, Mamae said.
Honiara City Council (Regulations of Business Licenses) Ordinance 2011 mentions that ‘no person shall carry on a business within Honiara City unless the business is licensed under this ordinance’.
“That said, since the Central Bank of Solomon Islands has not issued to One Link Pacifica a license to carry on banking business pursuant to Financial Institutions (Amendment) Act 1999 the City Clerk has rightly instructed that the Council refuses to grant Business License to One Link Pacifica consistent with Section 4 (3): the Council may refuse to grant a business license on any of the following grounds (a). the carrying on of the business would contravene any law in force in Honiara City or the applicant has not obtained the legal authority required under another written law to carry on the business.”
To this end, issuance of City Council Business License therefore will contravene Section 4 (1A) of the Financial Institutions (Amendment) Act 1999.
“It must be said, also, that the Financial Institutions (Amendment) Act 1999 defines ‘pyramid selling schemes’ to mean a scheme which constitutes primarily an opportunity for participants to sell an investments opportunity to other participants in the scheme; and which is or is likely to be unfair to many of the participants in the scheme’.”
“One Link Pacifica is no different from ‘pyramid selling schemes’ that generates returns for early investors by acquiring new investors. This is similar to a ponzi scheme in that both are based on using new investors’ funds to pay the earlier backers”.
“Similarly, One Link Pacifica is no different from AM Investments, IP Investor and Family Charity Fund that once existed in the City of Honiara and Auki in Malaita Province. We have not learned, we are simply repeating history”.
“Finally, let me advice Mr. Dorah that if new deposits by participants to sell an investment opportunity to other participants comes to a ceiling and One Link Pacifica investors get frustrated – what will you do? Will you repay, refund or reimburse the deposits of your participants to the scheme? Or will you put the blame on CBSI and HCC?” the Mayor added.
As for Honiara City Council, the City Clerk has rightly instructed that the Council will not issue Business License to One Link Pacifica.
Meanwhile, City Clerk Rence Sore said the call by Henry Star Dorah, former Councillor of the Honiara City Council to halt the directive of the City Clerk to issue a stop notice to locally owned registered One Link Pacifica comes from a desperate person who fails to understand the fuller context of the Honiara City Council (Regulations of Business Licenses) Ordinance 2011.
“Whilst I agree with Mr Dorah that the Business Licence Ordinance says that ‘no person other than a body corporate shall be issued with a license to carry on banking business pursuant to this act’.
“I also know that Section 4 (3)of Business Licence Ordinance mentions that “the Council may refuse to grant a business license on any of the following grounds (a). the carrying on of the business would contravene any law in force in Honiara City or the applicant has not obtained the legal authority required under another written law to carry on the business”.
“In my view as the City Clerk of the City Council, the carrying on of the business of ONE LINK PACIFICA contravenes the demands of the Financial Institutions (Amendment) Act 1999 that requires ‘no person other than a body corporate shall be issued with a license to carry on banking business pursuant to this act’.”
“That said, without a Banking License by the Central Bank of Solomon Islands, Honiara City Council will not issue Business License to ONE LINK PACIFICA”, Sore added.
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