By Our Reporter
D9 Club, an online sports trading platform, has defied the odds to celebrate its anniversary.
The platform almost faced an untimely demise days shy of its anniversary celebrations after Bank of Uganda ordered the freezing of D9 Club accounts.
According to a circular recently issued to heads of local financial institutions by Justin Bagyenda, the Executive Director Supervision Bank of Uganda, the institutions were directed to immediately freeze all accounts in the names of Mr Magara Protus Smart and also accounts belonging to D9 company, pursuant to Section 118 of the Financial Institution Act 2004.
However, this appears not to have crumbled the D9 Club operations in Uganda and this was testament at Imperial Royal hotel on Sunday as thousands of the organisation’s members from across the region came together to celebrate their one year of existence.
Speaking about the interference by Bank of Uganda, Magara Smart Protus, the President D9 Club Africa insisted that they have not breached any laws and are a genuine business registered in Brazil with branches in over 60 countries globally.
“Since we started this company, one year down the road, no person has lost any money with us,” Magara stated. “We are not a Ponzi scheme like we have been branded. We are a genuine business operating globally.”
He added, “Bank Of Uganda does not have any law to stop us from operating because we are not a banking business. We are an online based company and bound by the laws where this company is registered and I don’t think we have breached any laws as far as our operations are concerned.”
According to Magara, D9 Club is a healthy investment platform offering individuals an opportunity to invest a given amount money with them based on the different packages they are offering.
During the anniversary celebrations, the most outstanding performing members of the organization were awarded. Members walked away with rewards including luxury cars, phones and watches among others.
