‘Not us’: FSC distances itself from TKY shutdown

The Financial Services Commission (FSC) on Thursday denied any involvement in the abrupt closure of TKY Media, saying the now-shuttered investment outfit facing allegations it operated as a Ponzi scheme was never registered with the regulator.

Investors now fear they may never see returns from the venture, which maintained offices in 2nd Avenue, George Street, Belleville and Lower Collymore Rock.

The company crashed suddenly this week, with one recruiter telling Barbados TODAY it’s now “a wait and see” situation for thousands of investors, who remain in the dark about if or when they’ll ever be repaid.

The recruiter, who is also an investor or “employee”, revealed that the last message she received from the company “before the finale” was sent by Molly, the community administrator.

That message read: “Good evening everyone. TKY is down for maintenance and update. This update will add cash collection function. This update will be updated for 24 hours. Please wait patiently.”

When contacted, the Financial Services Commission (FSC) told Barbados TODAY: “We have heard and seen reports of the office closure but cannot confirm the status of the company’s operations. TKY was neither registered with nor licensed by the commission.”

Although efforts to obtain a response from the Fair Trading Commission (FTC) failed, a government official in financial matters suggested it was unlikely that any agency had ordered the company to shut down its operations.

“I would be surprised if anyone ordered them to close. I think they just decided to cut now and close,” the official contended.

When Barbados TODAY visited the two TKY offices on Thursday, there was no evidence of business activity—only closed doors, rooms of empty chairs, and a notice on the entrance to the Collymore Rock branch that informed: “The TKY office will be closed until further notice.”

Regulators including the Central Bank of Barbados and the FSC have warned Barbadians against falling prey to get-rich-quick investment schemes. (EJ)