Following an internal investigation into WorldVentures by Rwandan authorities, yesterday the Rwanda Development Board issued a pyramid scheme warning to the public.
The
RDB’s announcement
, signed off on by CEO Clare Akamanzi, states that WorldVentures is operating in Rwanda illegally.
According to the RDB, the illegality of WorldVentures in Rwanda is two-fold;
Firstly the company is not registered to do business in Rwanda, as required by law.
Yet despite this, the RDB claims to have observed
some company representatives (claiming) they have authorization from the Rwanda Development Board and other Government entities – a false claim, intended to delude the public.
Secondly, writes the RDB;
Having investigated the business model of this company, it is our conclusion that it possesses characteristics of a pyramid scheme.
We want to stress to the public that pyramid schemes are illegal in Rwanda.
Rwanda’s WorldVentures ban follows similar outcomes in
Norway
and
Malaysia
.
WorldVentures also
ran into regulatory trouble in South Africa
in 2015, however the outcome of the investigation was
never made public
.
Update 19th September 2018 –
In response to Rwandan authorities banning it for being a pyramid scheme, WorldVentures is claiming it “does not do business in Rwanda”.
One can safely assume Rwandan authorities investigated WorldVentures after promotional efforts by Rwandan affiliates caught their attention.
Yeah, I’m sure WorldVentures had no idea it was being promoted in Rwanda…
🤖 Quick Answer
What warning did Rwanda's Development Board issue regarding WorldVentures?The Rwanda Development Board issued a pyramid scheme warning against WorldVentures, declaring the company operates illegally in Rwanda. The RDB found that WorldVentures lacks required business registration and that representatives falsely claim authorization from government entities to deceive the public.
Why did Rwandan authorities determine WorldVentures operates illegally?
Rwandan authorities identified two primary violations: WorldVentures lacks mandatory business registration in Rwanda, and company representatives falsely claim government authorization. Following an internal investigation, the RDB concluded the company's business model constitutes an illegal pyramid scheme structure.
Who authorized the official warning against WorldVentures in Rwanda?
The Rwanda Development Board issued the official warning, with the announcement signed by RDB CEO Clare Akamanzi. The warning followed a formal internal investigation conducted by Rwandan authorities into WorldVentures'
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