By Winnie Mandela
Embattled D9 clube has trashed ongoing rumours that it is a pyramid scheme.
While speaking to the press at a function that was held at Imperial Royale Hotel on Thursday, John Sebutinde a chairman in D9 Clube clarified that D9 is in no way a sports betting agency as alleged, but rather a multi-level marketing company operating legally in over 60 countries with its headquarters in Recife, Brazil.
“The Clube has its registered members earning through sports trading using software called Meta trader. It is a group of people with a broad vision, focused on digital entrepreneurship,” he said.
Sebutinde thus urged Ugandans especially members of D9 Clube to keep calm, adding that they had not been barred from conducting their business but rather were told to give Bank of Uganda a chance to investigate the company. This, he said, doesn’t mean it was closed.
“Only accounts of two members were closed and BoU is yet to tell us why these accounts were frozen. The investigations do not mean anything negative. Our assumption is that these individuals’ accounts were closed because they had a lot of money on them which could have raised suspicion from BoU,” said Sebutinde.
He urged members of D9 Clube to continue depositing money on their accounts because their operations haven’t been barred despite the BoU investigations.
“The brand presents a healthy investment platform in that they offer opportunities of investments to all groups of people. One is required to invest a given amount of money. Each amount invested commands a given level of weekly return. For example an investment worth US$2000 commands a return of $170 per week. This is paid to the investor for a period of 52 weeks,” he added. Jamima Apio of Muwanase & Co Advocates and the company lawyer said BoU is currently investigating the company’s operations and this is not cause for alarm.
“BOU investigations don’t come in bad faith. As a company we welcomed this and we await the results but we’re hopeful that they will be positive because our operations are not illegal,” she said.
She also called upon the government to establish a regulatory body to that will regulate companies like D9 Clube and also requested that a framework guiding operations of companies such as D9 Clube are established.
She said, “We request BoU to introduce different investment options such as D9 Clube treasury bonds, in a bid to reduce the poverty levels.”