Post: Update Ebony

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avatar image MYC4 STAFF
Investor
Level 6
  Update Ebony
Posted 01.12.2009 16:00 CET



avatar image Mads Joergensen
Investor
Level 10
  Update Ebony
Posted 20.11.2009 17:43 CET

@Costa. Dear Sir. You did point out those things and at the time I at least dismissed it as merely being negative feedback from a investor being unlucky in his dispositions. I invested anyway primarily based on a belief in the concept and MyC4 and based on PAR and currrency risks. So yes a lot of "us" are quite quiet now as we are taking this news in! I too smell a ponzi-scheme but sadly in this case only after having it thrown in my face!
As for the future i merely hope that you and other negative voices will stay on the platform or at least continuing debating in the platform as i think everyone's opinion counts and can be used for constructive future re-building of Myc4's provider relations.This incident merely underlines this need for you and others presense.I suggest we all continue if not investing then the monotoring and debate of this platform as i still see it as viable and one of the strongest tool in eradicating poverty in sub-saharan Africa.
And besides it is always fun to gloat a bit, in this case I guess we deserve it ;-)



avatar image David Costa
Investor
Level 6
  Update Ebony
Posted 20.11.2009 02:55 CET | Edited 18.12.2015 15:21 CET

Quote from: Kenneth Dambo on 10.11.2009 11:51 CET
Thanks for the update MYC4 STAFF, I'm looking forward to reading the review by KPMG. Will it be available as download here on myc4.com once it is done?

Best regards,
Kenneth Dambo
eConstruction

I don't want to sound too negative (I participated in some loans or better said fabricated loans on ebony too) but realistically there isn't much to expect. Kiva didn't recover their money (and attention this was at 0% rate) see http://www.kiva.org/app.php?page=about&action=aboutpartner&id=25 for extensive coverage. They didn't honor their own promissory note so let alone paying back anything to MYC4 + interests.  The thing that bothers me is that I saw this coming and informed everyone in this forum. DJ's for 12000 Euro ? Farmers financed at 10,000 Euro for the same cow ? I am far from being perfect or claiming expertise in risk assessment but I think that MYC4 should have looked into this matter carefully. With what I read on the Kiva update I have pretty much lost any hope about the money given to Ebony. As many times in my life I hope to be proven wrong......



avatar image MYC4 STAFF
Investor
Level 6
  Update Ebony
Posted 17.11.2009 14:36 CET | Edited 22.08.2015 22:03 CET

Please go to this thread for the latest update: https://www.myc4.com/Forum/View/2/10042

@ Kenneth: We will be as transparent as possible throughout this case and make information available to Investors to largest extend possible. However, it is too early to promise to share specific material.

We will keep investors posted here in the Forum and via our Newsletter as we progress!

Thanks.

Mille
MYC4


avatar image Kenneth Dambo
Investor
Level 6
  Update Ebony
Posted 10.11.2009 11:51 CET

Thanks for the update MYC4 STAFF, I'm looking forward to reading the review by KPMG. Will it be available as download here on myc4.com once it is done?

Best regards,
Kenneth Dambo
eConstruction



avatar image Wateinga Obifule
Investor
Level 7
  Update Ebony
Posted 09.11.2009 13:04 CET

Providers should get paid for the loan, when we do, in order to correct fraud.

So no closing fee at once, just 12 paybacks like we get on a 12 month loan.



avatar image David Costa
Investor
Level 6
  Update Ebony
Posted 03.11.2009 20:43 CET

Quote from: Joerg Schwieder on 03.11.2009 15:59 CET
Quote from: David Costa on 03.11.2009 15:40 CET
sorry if this sounds arrogant but "I told you so" would apply here

Doesn't sound arrogant. You did already come to my mind when this started...

Thank you :) I found another topic where I did underline the risk with ebony https://www.myc4.com/Forum/View/15/7354?page=3 amazing how many of the people that defended Ebony and the loans of 10-15K Euro for a DJ or a cow ("the missing middle") are now very quiet. This is serious as there have been similar issues with other countries and provieders before - and the current loan in Senegal do not look promising either. I don't know for how long MYC4 is going to absorb losses OR investors will be happy to take the losses on them. All in all, even if the model is different, it looks like Kiva due diligence is much more solid. My idea: since MYC4 controls a MFI in Uganda (am I right ?) why not focus on these loans and pause the rest/limit them to very small amounts until they have proven themselves to be a serious partner (not only with words ?)
Regards
David



avatar image Joerg Schwieder
Investor
Level 10
  Update Ebony
Posted 03.11.2009 15:59 CET | Edited 21.04.2015 14:57 CET

Quote from: David Costa on 03.11.2009 15:40 CET
sorry if this sounds arrogant but "I told you so" would apply here

Doesn't sound arrogant. You did already come to my mind when this started...


avatar image MYC4 STAFF
Investor
Level 6
  Update Ebony
Posted 03.11.2009 15:47 CET



avatar image David Costa
Investor
Level 6
  Update Ebony
Posted 03.11.2009 15:42 CET

Quote from: Wateinga Obifule on 02.11.2009 15:13 CET
Is it fair to assume that all money transfered to Ebony is lost?
I think so - Ebony was a clear case. They were defaulting with Kiva so it was just about time for them to default on myc4 too :( I did some ebony loans too but did stop as soon as I realised that they were asking for 12000 Euro to finance a DJ ...how silly.


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