TIKZN WARNS AGAINST AN INVESTMENT SCAM
25 February 2021- Trade & Investment KwaZulu-Natal (TIKZN) is advising the public to be aware and guard against an investment âPonziâ scheme that is targeting unsuspecting citizens in the province by reaping their money and promising them a huge return on investment within a few days.
It has come to our attention that fraudsters are taking advantage of online and social media platforms such as WhatsApp, Instagram and Facebook during this volatile economic situation and marketing fake finance investment opportunities under the name of Trade & Investment KwaZulu-Natal (TIKZN).
Mr. Neville Matjie, the Chief Executive Officer of Trade & Investment KwaZulu-Natal said that the agency does not require any form of payment for services rendered by the agency. He further indicated that, âWe empathise with the victims and we have encouraged them to report these matters urgently to SAPS. TIKZN is also engaging with the law enforcement officials to ensure that the culprits are brought to book so that we bring a speedy end to this type of crime. We further categorically state that this fraud is perpetrated by persons external to Trade & Investment KwaZulu-Natal and that this organisation does not partake or promote any type of Ponzi/ Pyramid scheme promising high investment return. Please do not fall into the trap of a get rich quick schemeâ said Matjie.
Trade & Investment KwaZulu-Natal has urged the public to remember that the best way to make sure that one does not fall victim to a scam is by being vigilant and to ensure that they are dealing with legitimate persons and entities that are registered financial service providers. As a Schedule 3C Public Entity, Trade & Investment KwaZulu-Natal is required to comply with and adhere to the KwaZulu-Natal Trade & Investment Agency, 2010 (Act no. 5 of 2010).
All services rendered by TIKZN are free. If anyone is suspecting foul play under our name/ branding, they must not hesitate to call Ms Angel Sibisi on 0760623779/0764686139 or email Angel@tikzn.co.za
Below are the steps that we as TIKZN follow when facilitating an investment project:
- TIKZN is approached by the Project Promoter/ the owner of the project directly/ through the District Development Agency/ website/ during the TIKZN engagements and events.
- TIKZN then verifies the authenticity of the concept/ business idea as well as the project promoter and assess if the project or the concept is within our standards and in line with the Provincial Growth and Development Strategy, gauge the economic impact as well as the number of potential jobs it will create and finally the BEE status. This process is called the due diligence.
- Further assessment and research are done to see if the project meets the requirements as per the Funding Institutions. At this point it should be emphasized that TIKZN plays a facilitation role which is sharpening the concept in terms of opening the opportunity for incentives and investment. TIKZN is not a bank and it does not provide funding.
- Generally, TIKZN works with the District Development Agencies, District and local municipalities and the Special Economic Zones (SEZs) if the project is based in either of these localities.
- In terms of the Funding institutions, we work with public funding institutions such as the Industrial Development Corporation (IDC), Ithala Development Finance Corporation Limited (IDFC), National Empowerment Fund (NEF) and KwaZulu-Natal Growth Fund.