Dubai's loan scams for Africa

Dubai's loan scams for Africa

Multi-million-dollar loans are, it seems, just a mirage.

The three Verster brothers of Somerset West were delighted when a supposed global financial giant in the United Arab Emirates (UAE) offered them a loan of US$14?million (R219m) to get their Western Cape start-up company off the ground.

Equally thrilled was budding Johannesburg entrepreneur Fidelis Phiri, to whom the Dubai-based Aras Group offered $7.4m (R115m) to fund his ambitious start-up.

In what appears to be an operation targeted at Africa, Noseweek has details of six more punters – in Botswana, Tanzania and Nigeria – who have received offers of loans from Aras totalling $1.2billion (R18bn).

Like to see more ?

Subscribe to our on-line edition !

For a mere R305.00 per year you get the convenience of our online version including:
  • Twelve monthly issues of Noseweek delivered to your browser
  • A searchable archive
  • Access to every back issue since 1993 !
  • A downloadable PDF version

If it’s just the article you are after, you can purchase it by clicking here.

Tempted ?

For a taste of what awaits you, you are welcome to browse this free issue.

Share this article:

Reader's comments

Like to add your own comment ? Please click here to subscribe - OR -
Submitted by : fleabag on 2020-04-02 12:40:10
When you lie down with dogs, expect fleas!!


While every reasonable effort is taken to ensure the accuracy and soundness of the contents of this publication, neither the authors nor the publishers of this website bear any responsibility for the consequences of any actions based on the information contained therein.