MinerWorld CEO attributes Paraguay CNV warning to “misinterpretation”
One would think it’s pretty hard to misinterpret “Your company is not registered with us or authorized to conduct business in our country”, but that’s exactly what Miner World’s CEO is claiming.
Probably not expecting such a swift response, MinerWorld went ahead and recently informed its affiliates it was registered with the National Securities Commission (Paraguay’s SEC equivalent).
A few days later the CNV issued a press-release clarifying MinerWorld was not registered, nor did it have regulatory authorization to operate in Paraguay.
That was October 2nd, with MinerWorld CEO Cícero Saad Cruz publishing a response on the company’s Facebook page a few hours ago.
In his response, Saad (right) claims
Minerworld is aware of the circular disclosed on the institutional website of the National Securities Commission (CNV), which mentions the company’s lack of registration with the company.
In this regard, we inform you that there has been a misinterpretation by the company regarding the entity’s response to the previously submitted query.
A “submitted query” hey?
Dear CNV, we here at MinerWorld wish to know that if we don’t register with you can we still run out illegal Ponzi scheme in Paraguay?
No, no you can’t.
Guess what guys! We’re registered with the CNV and have full permission to operate in Paraguay!
If the CNV is anything like the US SEC, registration is straight-forward and is typically done online. To hear Saad spin it though, one would think regulatory registration was some long drawn out process.
We also inform that we are taking all necessary steps to resolve the regulatory issue in Paraguay.
Our legal counsel remains in the country in order to clarify all the necessary procedures and to proceed with the registration of Minerworld within all the premises of the CNV.
We also reiterate our respect for the National Securities Commission, an essential regulatory body for the Republic of Paraguay.
What steps? Register with the CNV and open up your books to them.
That of course would spell disaster for a Ponzi scheme which is why, after being caught out in a lie, Saad is stalling.
The bigger question here though is with MinerWorld operating out of Brazil, running a Brazilian domain and having 92% of traffic to its website originating out of Brazil, why isn’t MinerWorld registered with Brazilian regulators?
In comparison, Alexa estimates Paraguay makes up just 1.5% of traffic to MinerWorld’s website.
I know why. You know why. Cícero Saad Cruz knows why.
Time to drop the facade? I think so.