QNET Supports Dissolution Of Fraudulent Impersonator | Social

QNET, a number one worldwide direct promoting firm, has thrown its weight behind the transfer by the Attorney-General to dissolve firms which can be impersonating QNET International, conducting fraudulent enterprise actions and misrepresenting the corporate in Ghana.

QNET is considered one of Asia's main e-commerce-based direct-selling firms providing a variety of well being, wellness and life-style merchandise that allow folks to stay higher lives.

QNET not Q-NET

The firm is totally completely different from Quest Net or Q-NET Investment Limited (emphasis on the hyphen).

“The name Quest Net does not refer to nor is meant to refer to QNET. They are effectively entities which are entirely separate and distinct and with no relationship or incorporation internationally,” a press release from QNET mentioned.

QNET defined that the corporate talked about within the order given by the Accra High Court referenced an unauthorized entity arrange by people who weren't in any manner linked with QNET Ltd, the worldwide direct-selling firm headquartered in Hong Kong.

QNET operates enterprise in lots of nations, together with Ghana, by way of Independent Representatives (IRs) who're correctly skilled and accredited people and undertake the enterprise in compliance with greatest enterprise ethics and practices.

“Certain individuals acted in bad faith by registering a company called Quest Net/Q-NET Investment Limited in Ghana for their unlawful activities,” the assertion defined.

It added that QNET Limited had, by way of its legal professionals in Ghana, written to the related authorities and positioned Quest Net on discover that there was no relationship, connection or nexus of any nature with the Ghana-registered native entity and QNET Limited.

The assertion mentioned QNET, continuingly, had been in contact with the related authorities to make clear its stand.

The firm, due to this fact, condemned the actions of the unscrupulous people and their unhealthy practices, which “we wholly dissociate ourselves and our business dealings from.”

The firm additionally defined that every time its consideration was drawn to unethical or unlawful actions of IRs, QNET took punitive actions towards them. That included termination or suspension of the IR.

In addition, the corporate lodged complaints towards IRs who dedicated crimes towards harmless people with the police.

social impression

Law-abiding and socially-responsible QNET runs a social impression arm, RYTHM Foundation, which companions with many charity initiatives internationally to empower less-privileged and physically-impaired folks.

“In Ghana, QNET is actively supporting the Anopa Project, providing deaf and blind children with access to education and sporting skills,” the assertion mentioned.

QNET mentioned it was at all times accessible to supply clarification and help to all authorities and the media relating to any problem about its enterprise.

Through its “MAMA Campaign”, QNET has additionally launched into a sensitization program to coach the general public about QNET, its enterprise mannequin and the must be cautious of fraudsters or impersonators.

The Hong Kong-based QNET, via its grassroots enterprise mannequin fueled by the ability of e-commerce, has helped empower thousands and thousands of entrepreneurs in additional than 100 nations worldwide.

The firm has a presence in additional than 25 nations around the globe via subsidiaries, department workplaces, company partnerships and franchisees.

Order

The Commercial Division of the Accra High Court has ordered the dissolution of Quest Net Limited (Q-NET) for participating in dishonest, unlawful and fraudulent enterprise actions.

This adopted a petition filed by the Attorney-General (AG), Godfred Yeboah Dame, looking for the dissolution of the community advertising firm for working in a way akin to a Ponzi scheme.

In a judgment dated July 20, this yr, the court docket, presided over by Justice Jennifer Abena Dadzi, upheld the arguments made by the AG.

“It is hereby ordered that the respondent, Q-NET, be and is hereby wound up,” the presiding decide upheld.

Aside from dissolving Q-NET, the court docket additionally restrained the administrators, members and officers of the corporate from exercising any powers that pertained to the operating of the corporate below the then Companies Act, 1963, Act 179, below which QNET was integrated.

The administrators are Martin Luther King Dagoro and one Jerry Dagoro.

The court docket additional granted the AG an order to nominate the Registrar of Companies, in her capability as Official Liquidator, to train the powers of a liquidator, together with managing the property of Q-NET, pending the making of a winding order by the court docket.

“In this regard, the money obtained by the respondent from its activities represents proceeds of crime and I find that the failure of the respondent to explain the nature of its activities and what it was doing with the money so collected from the public, short of laundering the money, is itself indicative of the company operating in an illegal or inherently objectionable manner,” the court docket held.

Petition

In the petition, filed below the Corporate Insolvency and Restructuring Act, 2020 (Act 1015), Section 84 (1) of Act 1015, the AG mentioned investigations by the National Security Council Secretariat disclosed that Q-NET operated in a way akin to a Ponzi scheme by luring shoppers to make deposits and investments with the corporate, which they finally misplaced.

Mr Dame indicated that Q-NET primarily operated within the Ashanti, Western, Eastern and Ahafo areas and engaged in numerous “fraudulent schemes”, reminiscent of inviting the general public to purchase merchandise for outrageous and non-existent earnings.

The petitioner averred that to grow to be a member of the false schemes put in place by Q-NET, the corporate required potential subscribers to buy numerous on-line objects for numerous sums ranging between GH¢5,000 and GH¢15,000.

He additional mentioned investigations indicated that Q-NET additionally took cash from folks with the false illustration that the corporate may assist them discover jobs.

“The respondent lured unsuspecting members of the public to pay about GH¢5,000 for the purpose of placing them in various jobs, which turned out to be a hoax,” the petition added.

After taking the cash, the AG mentioned, the corporate would orchestrate the arrest of its victims who tried to make noise about its “fraudulent activities”.

Money laundering

Mr Dame additional contended that the actions of Q-NET have been principally dominated by Nigerians, Burkinabes, Ivorians, Malians and Togolese who laundered the proceeds from their unlawful actions.

“The widespread criminality and illegality in which the respondent is being operated has grossly undermined its existence in the Ghanaian community,” he added.

He mentioned investigations confirmed that Q-NET was a part of Quest International, often known as the QI Group, situated in Hong Kong and working in lots of nations.

However, he mentioned, owing to its “illegal activities”, the corporate had been banned within the USA, Canada, Australia, Rwanda, Iran, Sri Lanka, Syria, Afghanistan and Cote d'Ivoire.

Despite the petition and all listening to notices and documentary proof being duly served on Q-NET, the corporate didn't enter an look and didn't file any reply to the petition.

Reacting to the judgment, Mr Dame vowed that the government would go after corporations working in such a way within the nation.