Deputy Prime Minister and Minister of Finance, Mulipola Anarosa Ale-Molio’o, confirmed that the government supports the public warnings issued by the Central Bank of Samoa regarding BG Wealth. It also stated that it does not support or endorse BG Wealth.
The government’s clarification comes after public concerns arising from social media posts and media reports showing cabinet ministers photographed with individuals associated with the entity known as BG Wealth.
The entity has been flagged by many regulatory authorities, including the CBS, as being a pyramid scheme.
This follows articles published by PMN Online News and the Samoa Observer questioning whether the government supports or is involved with BG Wealth, despite public advisories issued by the CBS.
The government in its statement said the CBS remained an independent regulatory authority responsible for assessing financial schemes and protecting the public from potential financial risks.
