We worked a lot in July this year – we were on the road and did some research on the spot. We travelled to South Africa, the U.S. and India and met with representatives of local authorities and with Lyoness-SMs.
Lyoness’ problems in India are bigger than we thought. In the meantime, Lyoness’ activities have been forbidden. We´re awaiting the notification from the local consumer advice center. Put in plain terms, that means that: Lyoness misappropriated its cutomer´s money under false pretenses and misused it for three years. That constitutes fraud and was already notified to the prosecutor´s offices. In the meantime, India was deleted from the Lyoness Country List and Lyoness USA has almost disappeared.
23 retailers in Bangkok accept the Lyoness Cashback Card, in Thailand there are only 24 of them. Throughout Asia there aren´t even 500 small retailers accepting the card. Siam Bank will terminate the Lyoness account due to due to numerous complaints concerning Lyoness and to its catastrophic creditworthiness – we received a written statement on this. The rent for the luxurious office space in the CentralWorldCenter hasn´t been paid in months – we´ve already seen that in Graz….