Category: Frontpage

PNGX Markets Limited (PNGX), the national stock exchange of Papua New Guinea, wishes to alert the public to multiple fraudulent Facebook pages that are unlawfully using the PNGX name, logo, and official imagery to deceive individuals. It has also come to our attention that there are pages unlawfully impersonating individual PNGX staff.

These pages are fraudulent and have no affiliation whatsoever with PNGX or its staff. The scammers are using PNGX’s official branding and photographs to appear legitimate and are
approaching members of the public with false investment offers, investment and financial
education training, cryptocurrency training and requests for personal information or money.

PNGX takes the security and protection of investors seriously. This warning is issued to help the public recognize and avoid scams and scammers.

HOW SCAMS OPERATE

The fraudulent Facebook pages use official PNGX logos, branding, and images (including
images of PNGX staff) to deceive victims into believing they are dealing with Papua New
Guinea’s national stock exchange. Scammers may:

• Offer fake investment opportunities or “get rich quick” schemes.
• Offer training in cryptocurrency trading, fake investor education and financial trainings not legitimately associated with PNGX.
• Promise unrealistically high returns with minimal risk.
• Pressure individuals to invest “immediately”
• Request personal identification, banking details, or other sensitive information.
• Solicit direct bank deposits or upfront payments into personal bank accounts or company accounts not associated with PNGX.

WHAT PNGX WILL NEVER DO

To protect yourself, please remember that PNGX:

• Does NOT ask for direct bank deposits – We never solicit payments from the public via any social media accounts including Facebook, Instagram, LinkedIn, Telegram etc.
• Will NEVER ask for your personal or banking information – We do not request sensitive information through Facebook or any other social media platform.
• Does NOT offer investment services directly to the public – PNGX operates the
  national stock exchange and does not provide retail investment advice or services.
• Will NEVER ask you to transfer money into any PNGX staff or individual’s bank
  account.
• Does not offer cryptocurrency training – PNGX offers training in licenced market products only.

WHAT YOU SHOULD NOT DO

If you encounter fake Facebook pages or receive any suspicious communication:

• Do NOT engage with the page, click on any links, or respond to messages.
• Do NOT provide any personal, financial, or banking information.
• Do NOT transfer any funds into any individual’s bank account.

WHAT YOU SHOULD DO

•  You should only deal with organisations licenced by the Securities Commission of Papua New Guinea or the Bank of Papua New Guinea.
• REPORT the fake page to Facebook immediately using the platform’s reporting function.
• REPORT the fake page to the Securities Commission of Papua New Guinea
  immediately using the Commission’s reporting function
  (https://www.scpng.gov.pg/selfcare/).
• VERIFY any communication claiming to be from PNGX by contacting PNGX directly through its official channels (listed below).

If you are asked to provide anyone with your personal, financial, or banking information in
relation to investments you should verify that they are licenced via the licencing page on the Securities Commission’s official website (https://www.scpng.gov.pg/license-approved-cm-participants/) or the Bank of Papua New Guinea’s official website (https://www.bankpng.gov.pg/amlctf/registered-financial-institutions)

REPORT SUSPICIOUS ACTIVITIES

If you have been targeted by these scams or have any information about a fraudulent
Facebook page, WhatsApp message or any other social media, please report it immediately to the Securities Commission of Papua New Guinea via their Investment Scam Alert
Reporting Form available on their official website: https://www.scpng.gov.pg/selfcare/.

PNGX urges all members of the public to remain vigilant. Scammers are becoming
increasingly sophisticated, and the use of official branding and imagery is a common tactic
to gain trust. Always verify the legitimacy of any communication before taking action.

Verify before you trust. When in doubt, contact us directly through our official channels.

The following Facebook pages are examples of Facebook pages NOT associated with or
endorsed by PNGX Markets.

The major aim of PNGX is to provide a medium for the mobilization and raising of national and international capital for the long-term benefit of the citizens of Papua New Guinea. PNGX is important to ordinary people because they can buy a small number of shares in a company and they can be part of the launching of new companies in PNG and overseas.

It is an investment option that they can use their savings in productively rather than holding them in a savings account. It means that new companies which need money to start of a new business in PNG can get people to buy shares in that business. Most of all, it gets more money flowing within PNG and creates growth and wealth.

PNGX is tasked with the job of running and maintaining the independent operations of the stock market. Its primary task is to ensure integrity in its systems and provide confidence to investors and market participants using the market to buy and sell shares. The company was established and registered under the Companies Act 1997. It was granted a license to operate a stock market under the Securities Act 1997 and is regulated by the PNG Securities Commission.

Membership of the Stock Exchange is only through Corporate basis (body) Membership. In other words, memberships can only be granted to organizations that sufficiently satisfy the Membership Admission Criteria. Membership criteria can be accessed via the POMSoX Business Rules. It should be noted that criteria contained in the Business Rules is not the finalized set of requirements. The Board of the Exchange has absolute discretion in determining additional requirements and conditions for membership.

The global trend in stock market is always changing due to the rapid advancement in technology. Trading in PNG is no different to other markets around the globe. There is always a clear process to follow in conducting market transactions and participations

Here at POMSoX, we have a simply process that caters for all types of investors including international and local investors, corporate merchants and retail investors.

POMSoX operates an electronic trading platform called the Port Moresby Stock Exchange Electronic Trading system or PETS. Stockbrokers or Participating Organizations of POMSoX have access to PETS via a remote terminal located at each broker’s offices. Under the Securities Act 1997, only members of a recognized stock exchange are allowed to performed transactions on the market provided by its Stock Exchange.

For all types of market transactions, investors are required to secure the services of a member stockbroker to perform these tasks on their behalf. Trading on the market is also via a recognized stockbroker. Stockbrokers can perform other tasks required by investors and market participants on a number of matters in regard to corporate advising, funds management, IPOs and fund raising managers, underwriting, etc….