Africa-Press – Tanzania. THE Business Registrations and Licensing Agency (BRELA) has revoked the registration of 11 companies under Leo Beneath London (LBL) for violating national laws.
The companies that were registered in various regions across the country violated the provisions of section 400A of the Companies Act, chapter 212, by conducting business activities outside the objectives outlined in their constitutions and the operational guidelines during registration.
The BRELA Chief Executive Officer (CEO), Mr Godfrey Nyaisa, mentioned the companies as LBL Mtwara Media Company Limited, LBL Morogoro Media Company Limited, LBL Geita Advertising Media Limited, LBL Mbeya Media Limited, LBL Future Vision Advertising Agency Company Limited.
Other companies include LBL Mbezi Advertising Media Company Limited, LBL Ubungo Media Limited, LBL Mabibo Media Company Limited, LBL Mbagala Media Company Limited, LBL Gongo la Mboto Media Advertising Company Limited and LBL Dar es Salaam Kigamboni Advertising Company Limited.
“The reason for the revocation of these companies is their violation of the provisions of Section 400A (1) (e) of the aforementioned Act, by conducting business activities outside the objectives outlined in the companies’ constitutions and the operational guidelines during registration,” Mr Nyaisa said.
Additionally, he said that when the section of the law is violated the law requires the registrar to take action under section 400A (1) (e) which includes notifying the company about the violation and the actions they intend to take against the respective company.
The law further stipulates that if the company fails to provide an explanation or provides unsatisfactory explanations the registrar shall remove the company from the Companies register.
According to Mr Nyaisa before taking action, the Registrar notified the respective companies about the intention to deregister them through notices issued between January 2 and January 26 and since the companies did not submit any explanations as required under by the law, the registrar has “officially deregistered these companies.”
Nyaisa clarified that these companies have been deregistered effective since last Thursday.
Meanwhile, the Registrar reminded the public that pyramid schemes are against the country’s laws and therefore, citizens are encouraged to report immediately to the relevant authorities, including government institutions and the police so that appropriate actions can be taken against companies or individuals involved in or engaging in such activities.
The announcement from the BRELA to deregister LBL comes at a time when 38 individuals are being held by the police for their involvement in the pyramid scheme operated by the company.
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