Country Manager of NOVALYF OPC has rejected allegations that his company is involved in unlicensed money exchange activities, following an investigation launched by the Vanuatu Financial Services Commission (VFSC).

Gino Malvirlani, told VBTC News that a recent statement issued by the VFSC is incorrect and do not reflect the nature of his business operations.

He said his company is not a scam and does not provide forex trading or any form of financial dealing related services as stated by VFSC. 

Malvirlani claimed that another group is misusing the company’s name and his personal identity online on Facebook.

“There is another company operating online under the name Novaivi OPC Forex Trading Investments Company, particularly on Facebook,” he said. 

“I want to make it clear that this is a completely different entity and not Novalyf OPC, which I manage and which is legally registered in Vanuatu.

“Novaivi OPC Forex Trading Investments Company is a scam. They are using our company logo, my name as the country manager, and some of our Facebook advertisements to deceive people into sending them money.”

The VFSC statement said it is investigating reports that NOVALYF OPC has been carrying out financial activities that are not authorised under its business licence.

“NOVALYF OPC has been identified as conducting activities outside the scope of it’s registered and approved business activities, as stated in it’s Business Name Registration Certificate,” VFSC stated. 

The Commission said the business does not hold a licence and the Financial dealers Act (FDL Act) to conduct money exchange services and has warned the public not to engage in any money-related transactions with the company while investigations continue.

Mr Malvirlani clarified that NOVALYF OPC operates as a product-based business with a registered membership structure.

“We organise online meetings with our members, and all interactions are conducted through video,” he said. “The other company only shares advertisements, without showing faces or identifying who is behind the operation.”

VBTC News understands that the VFSC investigation is ongoing, with findings expected to be released by the end of the week.