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U-Vistract
U-Vistract is a pyramid scheme created by Noah Musingku in Papua New Guinea (PNG) around 1999 as a means of providing a sovereign wealth source for an independent Bougainville. Eventually, it was established, and expelled, from Australia, PNG, Solomon Islands, but continues to exist in some form in the island Bougainville under the rule of Musingku as King David Peii II. Description U-Vistract is considered by many to be a Ponzi scheme. The founders have stated that the plan has always been to back the assets of the plan with the in-ground natural resources, including copper, silver, gold, zinc and other products. Formation of U-Vistract In 1997, seven years after the unilateral declaration of independence, the Bougainville Revolutionary Army was fully in control of the island, but its leadership was starting to split into different factions. Francis Ona continued in full control of the army, and intended to achieve full independence. His co-president in the Bougainville I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Noah Musingku
Noah Musingku, under the name "King David Peii II", claims to be head of the twin "kingdoms" of Papaala and Me’ekamui on Bougainville Island in the North Solomon Islands, which are not considered to be real kingdoms by any government authority. Musingku is the creator of U-Vistract, which was banned as a pyramid scheme in Papua New Guinea. After the banning of U-Vistract in Papua New Guinea, Musingku fled to Bougainville, taking advantage of the political situation on Bougainville to avoid prosecution and the aggrieved investors of U-Vistract from whom he had collected millions of kina. Ilya Gridneff"U-Vistract conman offers 'Jesus money'" ''Sydney Morning Herald'', 8 July 2009 As of November 2020, his "kingdoms" remain at large, mainly due to fears of destabilising the island and because many of the local authorities have invested in him. Musinku's influence in Bougainville is widely considered one of the chief problems facing President of the Autonomous Region of Bougainvil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Francis Ona
Francis Ona (c. 1953 – 24 July 2005) was a Bougainville secessionist leader who led an uprising against the Government of Papua New Guinea as part of the Bougainville Civil War. He and his followers were concerned about the environmental and social effects of the operation of the Panguna mine by Bougainville Copper, a subsidiary of Rio Tinto Group. On 17 May 1990, Ona declared the independence of the Republic of Me'ekamui."The Bougainville independence referendum: Assessing the risks and challenges before, during and after the referendum" by Jo Woodbury January 2015; Commonwealth of Australia It was not recognised internationally. In May 2004 Ona proclaimed himself "King of Me'ekamui." While resisting the peace process and 2005 elections, Ona mostly stayed in a safe haven, where his BRA forces controlled territory. He died of malaria in his village. Secessionist leader Ona was at one time employed by Bougainville Copper at the mine, but he became increasingly critical of its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiji
Fiji ( , ,; fj, Viti, ; Fiji Hindi: फ़िजी, ''Fijī''), officially the Republic of Fiji, is an island country in Melanesia, part of Oceania in the South Pacific Ocean. It lies about north-northeast of New Zealand. Fiji consists of an archipelago of more than 330 islands—of which about 110 are permanently inhabited—and more than 500 islets, amounting to a total land area of about . The most outlying island group is Ono-i-Lau. About 87% of the total population of live on the two major islands, Viti Levu and Vanua Levu. About three-quarters of Fijians live on Viti Levu's coasts: either in the capital city of Suva; or in smaller urban centres such as Nadi—where tourism is the major local industry; or in Lautoka, where the Sugarcane, sugar-cane industry is dominant. The interior of Viti Levu is sparsely inhabited because of its terrain. The majority of Fiji's islands were formed by Volcano, volcanic activity starting around 150 million years ago. Some geo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the Sustainable Development Goals as well as environmental and social safeguards. , the World Bank is run by a president and 25 executive directors, as well as 29 various vice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panguna
Panguna is a town and a (now decommissioned) copper mine on Bougainville Island, Papua New Guinea. It was owned and operated by Bougainville Copper Ltd, a subsidiary of Rio Tinto. Beginning operations in 1972, the company hired thousands of workers, most from other parts of the country. By the end of its operations on May 15, 1989, when the mine was closed because of an armed uprising on the island, it was the largest open-pit mine in the world. It was accused of contaminating large areas due to its toxic waste, which affected land, water and air. Resentment against the environmental poisoning and the fact that most profits left the island, were major catalysts in the unrest in Bougainville in the 1970s and 1980s, leading to the Bougainville conflict, which lasted from 1988 until 1998. In 2011 it was reported that former PNG Prime Minister Sir Michael Somare Sir Michael Thomas Somare (9 April 1936 – 26 February 2021) was a Papua New Guinean politician. Widely called ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RAMSI
The Regional Assistance Mission to Solomon Islands (RAMSI), also known as Operation Helpem Fren, Operation Anode and Operation Rata (by New Zealand), was created in 2003 in response to a request for international aid by the Governor-General of Solomon Islands. ''Helpem Fren'' means "help a friend" in Solomon Islands Pidgin. The mission officially ended on 30 June 2017. Causes for unrest Deep-seated problems of land alienation dating from colonialism, unresolved after independence, led to a number of compensation claims on land use; and ethnic violence between 1998 and 2003. "The Honiara Peace Accord that was signed by the warring parties (Guadalcanal and Malaita), the government and the Commonwealth Special Envoy (Major General Sitiveni Rabuka) recognised several root causes of the conflict: *Land demands – Guadalcanal leaders wanted all alienated land titles, which had been leased to government and to individual developers, to be returned to landowners (including any ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Securities And Investments Commission
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the ''Australian Securities and Investments Commission Act 2001''. ASIC, which reports to the Treasurer, is responsible for the administering the following legislation: * ''Australian Securities and Investments Commission Act 2001'' (ASIC Act) * '' Business Names Registration Act 2011'' * ''Corporations Act 2001'' (Corporations Act) * ''Insurance Contracts Act 1984'' * ''National Consumer Credit Protection Act 2009'' (National Credit Act) Additionally, ASIC is also responsible for administering parts of the following legislation: * ''Banking Act 1959'' * ''Li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Autonomous Bougainville Government
The Autonomous Bougainville Government (ABG; tpi, Otonomos Bogenvil Gavman) is the government of the Autonomous Region of Bougainville, Papua New Guinea. Structure The Constitution of Bougainville specifies that the Autonomous Bougainville Government shall consist of three branches: * Executive – the President of the Autonomous Region of Bougainville, who chairs the Bougainville Executive Council * Legislative – the Bougainville House of Representatives (39 elected members and 2 ex officio members). * Judicial – the Bougainville Courts, including a Supreme Court and High Court. History The government was established in 2000 following a peace agreement between the government of Papua New Guinea and the Bougainville Revolutionary Army (BRA) a guerrilla movement. Elections for the first autonomous government were held in May and June 2005; Joseph Kabui was elected president, with Joseph Watawi selected by the House of Representatives as vice-president. A non-binding ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Kabui
Joseph Canisius Kabui (1954 – 7 June 2008) was a secessionist leader and the first President of the Autonomous Region of Bougainville, off the coast of Papua New Guinea, from 2005 to 2008. He was also the leader of the Bougainville People's Congress."Bougainville president Kabui dies" theage.com.au, 7 June 2008. Kabui was a commander in the during the war in Bougainville in the 1990s. In June 2005, after the island gained autonomy within Papua New Guinea, he was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pyramid Scheme
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal. Pyramid schemes have existed for at least a century in different guises. Some multi-level marketing plans have been classified as pyramid schemes. Concept and basic models In a pyramid scheme, an organization compels individuals who wish to join to make a payment. In exchange, the organization promises its new members a share of the money taken from every additional member that they recruit. The directors of the organization (those at the top of the pyramid) also receive a share of these payments. For the directors, the scheme is potentially lucrative—whether or not they do any work, the organization's membership has a strong ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bougainville Revolutionary Army
The Bougainville Revolutionary Army (BRA) was a secessionist group formed in 1988 by Bougainvilleans seeking independence from Papua New Guinea (PNG). The leader of the BRA was Francis Ona who led the BRA against the Papua New Guinea Defence Force during the violent 10 year conflict. Not all BRA members agreed to the Peace Treaty and boycotted it, and have held out in an official no-go zone, protected by members of the Meekamui Defence Force, currently commanded by Moses Pepino. BRA leaders argued that Bougainville is ethnically part of the Solomon Islands and has not profited from the extensive mining that has occurred on the island. In 1989, BRA leaders proclaimed Bougainville independent from PNG and established the Autonomous Bougainville Government (ABG). As a result, fighting between the BRA and the PNG Defence Force, with support from Australia, escalated. In January 1991, the Honiara Declaration [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
