VFSC rejects alleged pyramid scheme registration bid
January 22, 2026 10:22 pm | Posted in Business News | Share now TwitterFacebook
By Hilaire Bule.
The Vanuatu Financial Services Commission (VFSC) will not approve the registration of a scheme operated by French national Apitone Tokotuu, known as Api La Savate, as a business entity in Vanuatu, amid allegations that it is a scam.
VFSC Commissioner Branan Karae made the statement yesterday after members of the scheme attempted to regularise its operations with the assistance of a local legal firm.
The VFSC legal department said no business application has been received from Mr. Tokotuu or any members of the scheme to date. However, the Commission is closely monitoring the scheme’s activities in Vanuatu, noting that its operations resemble those of a financial institution.
The department said that if Mr. Tokotuu intends to operate as a financial institution, he must comply with the requirements set by the Reserve Bank of Vanuatu (RBV).
On Wednesday, Mr. Tokotuu told members of his scheme that a court hearing had taken place and that the court had granted an application challenging the refusal of entry into Vanuatu of another French national, Jerome Marcelin. Mr. Marcelin was denied entry by Immigration authorities at Port Vila International Airport on Sunday.
Members were told that the court decision was in their favour and that the Vanuatu Government would be required to compensate Mr. Marcelin for alleged unlawful action by authorities.
When asked by the Vanuatu Daily Post yesterday to provide a copy of the alleged court judgment, Mr. Tokotuu replied, “Do what you have to do, we are going more far.”
A reliable court source yesterday said no hearing took place on Wednesday afternoon, contrary to Mr. Tokotuu’s claim.
“There was no hearing and there is no registered case filed by Mr. Tokotuu,” the source said.
The Office of the Attorney General (OAG) said it did not receive any court notice requiring it to appear for a hearing and did not attend any court proceedings on Wednesday in relation to the refusal of Mr Marcelin’s entry into Vanuatu.
Meanwhile, Tokotuu admitted to members of his scheme that he paid a VT200,000 fine for breaching the Immigration Act. He entered Vanuatu on a tourist visa on the 3rd of this month but was allegedly involved in financial activities linked to the scheme.
Yesterday, the Vanuatu Police Force issued a scam alert, warning that pyramid scheme activities are increasing in the country. Police advised the public not to give or send money to people they do not know.
