“Charles, I invested my husband’s money in Chinmark. My marriage is crashing. I tried to chat the CEO and he blocked me. If you hear that anything happened to me, just know that Chinmark k*lled me”.
“Mr. Charles, I am running mad. I can’t make it.”
And many more….
I’ve waited for today 19th March 2022 with hope, not that I’m naive… I said in one of my posts that I had doubts about today… But I had to exercise hope against hope. This is because my VOLUNTARY help to the investors and company is motivated by Love and Compassion, not bitterness or the subtle arrogance of “I TOLD YOU”. Yes, I warned everyone but in a time like this, WE NEED SOLUTION , not “I TOLD YOU.”
If nothing is done, if no solution is given, people will die, marriages will crash and children will be orphaned. This is why we must go beyond DRAGGING or ridiculing influencers, the leaders or mocking the innocent investors to providing real solution at a time like this.
Understand that every post or comment you make is read by someone seeking for a reason to end their life. Be more intentional… Be more rational. Be conscious.
Having said that, let’s face the following truth….
Chinmark CAN NOT (I didn’t say will not) pay investors.
This is not a question of the WILLINGNESS of Chinmark to pay, but this is about their ABILITY and CAPACITY to pay. Which they currently lack. They CAN’T pay you. Let this sink slowly.
Why CAN’T they pay?
Section 195 (1) of the newly enacted Investments and Securities Bill empowers Nigeria’s SEC “…to enter and seal up all prohibited schemes”…”obtain an Order of court to freeze and forfeit all assets of such schemes to the Federal Government of Nigeria.”
This means that the assets seized including bank accounts, the so called properties etc can be FORFEITED FOREVER to the Federal Government.
The bill also proposed 10 years jail time for PROMOTERS which include influencers of such schemes.
Now here is my suggestion of a solution….
The bank accounts are already frozen…. I don’t think it will ever be unfrozen – at least not in the near future. It is also impossible to use back door to unfreeze the accounts because this case has generated MASSIVE PUBLIC INTEREST. So for now, forget about the frozen bank accounts.
Focus on the properties before they are seized too…
If SEC seizes the hotel, restaurant etc, then forget it.
And yes, they have the legal power to freeze and seize ALL ASSETS attached to the business.
This is the best time to liquidate all properties…
Chinmark should stop running any of the business outlets…. Liquidate and convert monies to non volatile DECENTRALIZED assets. Pay your investors in decentralized currency.
Trying to run the business in order to generate income to honour post dated cheques due in 8 months is IGNORANCE… This is the same ignorance that brought us to this point. Whoever is advising such is ignorant of the powers and operations of the authorities. As long as the government is concerned, Chinmark is an illegal business empire. It doesn’t matter whether they run legitimate businesses… In fact, if you study the amended Investment and Securities Bill 2021, you will understand that the bill clearly mentioned that even LEGITIMATELY acquired Assets connected to the business can be seized and part of investors money will be used to pay the cost of liquidation, cancellation, forfeiture etc. So your money is considered GOVERNMENT ASSET if seized…
Chinmark should get in touch with the TOP INVESTORS…
Those who invested BIG money should be contacted and some assets should be given to them . I call this tokenization. Tokenize such investments – exchange their capital with real assets, tokens or even cryptocurrency.
I learnt that Chinmark and some influencers own cryptocurrencies ranging from Bitcoin etc… I have not independently verified this information. But if this is true, then IT IS A GOOD THING. Chinmark should proceed to tokenize investors with whatever crypto they hold.
But for now, in the absence of the crypto perspective, Chinmark should stop running any business. First of all, the brand is messed up. The cost of running the businesses will be higher than the profit because the market is no longer favorable for the brand. Secondly, the brand is under massive government surveillance. They are coming for everything. They will seal the offices, seal the restaurants etc. The restaurant in Dubai is on a rented property so it’s not an asset – it’s actually a liability at this point.
The real assets are the real estate investments. Those should be quickly liquidated, proceeds converted to non volatile decentralized assets and used to pay investors ground up while tokenization happens from top down.
While at it, Chinmark leadership should APOLOGIZE publicly and honestly confess their Ignorance of the new bill. The 2007 billl was more lenient but the new bill is a monster to such business models.
Let me warn everyone again- the worst thing that will happen to the brand or the investors is to CONTINUE RUNNING THE BUSINESS, ADVERTISING THE LOGISTICS OR RESTAURANTS WITH THE HOPE OF MAKING MONEY IN ORDER TO PAY INVESTORS.
This model will not work but attract the attention of the authorities who would consider Chinmark as non repentant.
You have few weeks to liquidate – the authorities are coming for everything.
Once again, let’s not ridicule anyone. If Chinmark choses to do the right thing, let’s not over criticize him lest we drive away even future buyers of the assets.
I strongly believe that there’s a possibility that the promoters of Chinmark could be arrested in the coming weeks – this came from a private investigation. If this happens before they do the right thing, then the right thing will never be done and they will be released secretly and could vanish to unknown locations. So don’t pray for their arrest. Rather pray for the right people to help them liquidate and settle everyone who invested. This can end well but we need to be fast, strategic, humble and honest.
My name is #CharlesAwuzie and I care.”
In all honesty, this is sound piece of advice.
I hope the management abides to this.
Written by Charles Awuzie
What are your thoughts?