President Jacob Zuma has torched a storm after he said South Africans battling to find jobs must join MMM. Speaking at a fundraiser in Limpopo over the weekend, the president shocked attendees when he encouraged them to join the embattled scheme.
“South Africans complain too much, there are many money making schemes that are making people rich everyday but you guys are waiting for me to come and give you a job. If you can not get a job, just join MMM. My gardener and maid do MMM and they get more money than what I am paying them. I want to fire them so they can fully concentrate on MMM”, he said.
The entrance of Mavrodi Mondial Moneybox popularly known by its abbreviation, MMM, into the country sent South Africans into a frenzy as many joined the quick-money train. The company which was founded in Russia by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and Olga Melnikova recorded a rapid growth but in 1994, it came crashing down as it was closed over tax evasion.
Described as the biggest Ponzi scheme in the 1990s, it was estimated that thousands of people lost up to $10 billion dollars. The scheme which has been banned in China has found its way to South Africa, Zimbabwe and recently Nigeria where it has attracted “investors” who put money into it and receive 30 per cent “profit” ant the end of the month.
Jacob Zuma’s utterances have been met with an outrage all over South Africa with many saying Zuma was out of line and should apologise.
Do you think it is okay for Jacob Zuma to advertise this scheme?
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