(Business in Cameroon) - The Cameroonian Minister of Finance (Minfi), Alamine Ousmane Mey, has published a communiqué denouncing the Pan-African Investment and Equity Company, accused of illegally operating in the cities of Douala and Yaoundé.

According to this member of government, this company which is not "authorised" operates totally illegally, collecting substantial deposits from the public, for investments it promises to remunerate at the unrealistic rate of 10% a month, which makes 120% per annum.

Also the Minfi, who is the Monetary Authority in Cameroon, draws "the public's attention to the risks in making a quick buck with this institution, which has neither a microfinance license nor that of a credit institution, even less that of an investment or equity organisation".

BRM