Considering the information received by the Securities and Exchange Commission as the regulator of the securities market in the country, especially due to the fact that those promoting the investment are not licensed brokers/investment advisers, including the fact that the promotion of the offer does not reveal an authorized legal person (brokerage house, authorized bank or an entity managing an investment fund) in compliance with the law, we believe that many indications are throwing a serious shadow of doubt in the credibility of this investment offer, writes Truthmeter.mk.
Under the content-sharing agreement between Truthmeter.mk and Meta.mk, we republish the text below:
Appeals have turned up on the social networks promoting investments in the company “Solargroup” that, according to the post, is developing “a superior, cost-effective and powerful” electric motor that will enter its production phase this September. “Solargroup” was registered in Vanuatu (small island archipelago country in the South Pacific), with a share in the ownership of the company “Sovelmash” that operates and works in Russia.
The post invites Macedonian citizens to invest and purchase company shares directly from the website of “Solargroup”.
20.07.2023
The entire Sovelmash project in Macedonian.
Excellent investment project.
Electric motors that save 40%, are 2.5 times more powerful and 30% lighter.
Russian patent.
Investments on the link
https://reg.solargroup.pro/zpp405
All who enter now will receive plus 10 000 shares more than before 17.07
Package 500€ -46000…now is 56 000 shares etc.
These shares in 2025 will be worth min 1 $ per share.
56 000 $ in your pocket.
Let the money work for you.
Warm regards from Mike.
In compliance with Macedonian legislation, as specified in Article 14 paragraph (1) of the Law on Foreign Exchange Operations, Macedonian residents may subscribe, pay and trade in securities abroad solely through authorized participant in the securities market or through authorized participant on foreign stock exchange or organized securities market. Direct investment in the company “Solargroup”, as invited through the social networks, is not in compliance with the law thereby not subject to regulatory legal protection.
According to the competent Macedonian foreign exchange and investment regulator, Securities and Exchange Commission (SEC), the citizens of North Macedonia – according to the law – who live in this country (residents) may invest only through an authorized national participant in the securities market (brokerage house or authorized bank) or an appropriate foreign authorized market participant. SEC has adopted Instructions on the manner of operations with securities for brokerage houses and authorized banks outside the Republic of North Macedonia regulating the manner in which brokerage houses and banks offer services of receiving and transmitting orders for trading with foreign market securities.
The company “Solargroup” is a minority owner of the company “Sovelmash”. It is not registered in Russia, but in Vanuatu, making it additionally suspicious for the credibility of the investment and the entire process. Also, according to the website of the company “Solargroup”, the share buyers receive only an Investment Agreement and a personal certificate that is supposedly protecting their investment. As the Security and Exchange Commission specified, however, such a certificate issued by the company is not subject to a regulated legal protection in the country.
SEC points out that the manner in which “collective investing” is defined by “Solargroup” suggests a ponzi scheme design.
From the initial overview from the website https://solargroup.pro/mk and the manner in which the so-called “collective investing” is offered, the first indication of the Security and Exchange Commission point to a well-designed “ponzi” scheme that includes incentives for investors to recruit new investors in the scheme through a rewards system that could mislead citizens about the legality of the offered investment, responded from SEC.
They are appealing to the citizens to inform themselves well about all aspects related to their intention to invest before actually making the investment. They can obtain information from authorized institutions such as the SEC.
On the basis of the initial indications and knowledge, the Securities and Exchange Commission treats the potential investment of the citizens in “Solargroup” as belonging to the category of possible intentional or unintentional manipulation activities of the involved entities targeting the citizens thereby imposing the need for these entities to be followed-up by other institutions. Therefore, and in the meantime, the Commission advises citizens to refrain from investing in “Solargroup”, states the SEC.
In addition, due to the fact that the company “Solargroup” operates on the territory of the Russian Federation, through its investment in “Sovelmash”, additional dilemmas are put on the table in compliance with the international sanctions against Russia. SEC states that there are no additional prohibitions for investments in Russian companies, nevertheless advises caution.
There is no explicit ban on investments in Russian companies, but bearing in mind that our country has the status of hostile state in Russia, it remains unclear whether it is possible to repatriate monetary funds from any sales transaction and hence the SEC warns citizens to be cautious as far as investments are concerned, responded from the SEC.
The company “Solargroup” is focused on attracting investments from North Macedonia judging from its website translated also in Macedonian language and by the regular webinars and lectures organized in Macedonian language or translated into Macedonian language. Three people appear as “partners of Solargroup” from the country among those managing and organizing these meetings to attract citizens to invest. The SEC specifies that these persons are not licensed advisors, but even if they were, they are not authorized to render independent services, without a brokerage house, authorized bank or entity managing investment funds.
Having checked the Registers of investment advisers, brokers and investment agents, we concluded that the persons: M.P, K.K., and V.P. do not appear as licensed investment advisers or agents. Regardless of this fact, however, we stress that even if licensed investment advisers were concerned, they cannot render independent services as regulated by the specific legal provisions. Only authorized legal persons (brokerage houses, authorized banks or entities managing investment funds) who have acquired licenses from the Securities and Exchange Commission can provide such services, replied from the SEC.
Therefore, on the basis of all above-noted data – and the contents fact-checked, and bearing in mind the information provided by the Securities and Exchange Commission as the regulator of the securities market in the country, and especially due to the fact that the persons promoting the investment are not licensed brokers/investment advisers , and concluding from the fact that the offer is not promoted by an authorized legal person (brokerage house, authorized bank or entity managing investment funds), as regulated by the law, we deem that there are numerous indications that throw a shadow of doubt on the credibility of this investment offer. Subsequently, this fact-checked post is assessed as untrue.
