I finish my analysis of BBX memberships analysing Malaysia, Singapore, India, Costa Rica, Taiwan, Hong Kong (BBX’s supposed home) and China. Excepting perhaps the last one, it’s bad, more bad, even more bad and worse still. As previously reported I have taken the actual members with actual balances, totaled them to get the balance/ratio of debts and credits; picked out any Bad Debt Reserve Fund and highlighted Bad Debts. In the process I have also identified missing transaction values. Enjoy then the analysis of the remaining membership and account balances from BBX International.
[ORIGINALLY POSTED in February 2017 at http://www.dennis.co.nz/2017/03/27-bbx-minor-countries-analysis/index.html]
I start with two BBX exchanges owned by an Asian business woman Dr Lee. She has entered into a partnership arrangement with BBX – she uses the BBX platform and currency in her two barter businesses, well she used to at least. I suspect that she either has or will pull out from this arrangement. She’s unlikely to see her money again.
Malaysia
Members in the database: 197
Members (according to IRTA’s rules): 35
Total Members in Credit: $444,043.81 (89 members)
Total Members in Debt: $150,929.06 (85 members)
Bad Debts: $0.00 (unidentifiable)
Bad Debt Reserve Fund: $0.00
Missing Transactions: $293,114.75
Currency value: 50c in the $
Singapore
Members in the database: 125
Members (according to IRTA’s rules): 39
Total Members in Credit: $923,772.97 (63)
Total Members in Debt: $705,423.34 (57)
Bad Debts: $434,784.01*
Bad Debt Reserve Fund: $0.00
Missing Transactions: $218,349.63
Currency value: 45c in the $
* Reciprocal assets – likely unrealisable
India
Members in the database: 726
Members (according to IRTA’s rules): 10 (last trade August 2016, only a dozen transactions in the last year or more)
Total Members in Credit: $32,970,723.01 (139)
Total Members in Debt: $32,970,723.01 (417)
Bad Debts: $32,970,723.01 (entire debtor list)
Bad Debt Reserve Fund: $10,739,860.36 (positive?!)
Missing Transactions: $423,657.85
Currency value: NIL
Costa Rica
Members in the database: 190
Members (according to IRTA’s rules): 40
Total Members in Credit: $367,639.57 (77)
Total Members in Debt: -$517,359.49 (76)
Bad Debts: $413,887.59 est
Bad Debt Reserve Fund: $56,539.17
Missing Transactions: $149,719.92
Currency value: 82c in the $
Taiwan
Members in the database: 115
Members (according to IRTA’s rules): 0 (No trading in the last 12+ months)
Total Members in Credit: $543,825.46 (45)
Total Members in Debt: $409,445.52 (19)
Bad Debts: $409,445.52
Bad Debt Reserve Fund: $0.00
Missing Transactions: $134,379.94
Currency value: NIL
Hong Kong
Members in the database: 15 (BBX related entities)
Members (according to IRTA’s rules): 0
Total Members in Credit: 0
Total Members in Debt: 0
Bad Debts: 0
Bad Debt Reserve Fund: 0
Missing Transactions: 0
Currency value: NIL
Philippines
Members in the database: 3
Members (according to IRTA’s rules): 1
Total Members in Credit: $853,824.16 (1)
Total Members in Debt: 0
Bad Debts: 0
Bad Debt Reserve Fund: 0
Missing Transactions: $853,824.16
Currency value: NIL
China
I now come to the hardest Franchise for me to comment on, China. The reason for my difficulty is that I don’t speak Chinese and I don’t have any Chinese agents/investigators (yet), thus apart from the figures I can’t speak with authority outside of just looking at the figures and running off heresay.
This causes me to pause and caution readers that while I can present figures, I cannot actually confirm BBX China’s performance. There are certainly a lot of dead members and some funny balances that look to me like promotional deals, not real trading, but the figures do indicate real trading. That there have been reports of misrepresentation and dishonesty up there which I have shared previously but there may be other things that could balance this assessment.
Here then are the raw facts:
Members in the database: 5765
Members (according to IRTA’s rules): 2276
Total Members in Credit: $5,159,342,57 (3644 members)
Total Members in Debt: $4,109,667.61 (1481 members)
Bad Debts: $81,977.30 est
Bad Debt Reserve Fund: $0.00
Missing Transactions: $1,049,674.97
Currency value: 65c in the $
The BBX Investigation Series
- PUBLIC WARNING: BBX Barter (2381 words)
- 2. War Erupts Within BBX Barter (4090 words)
- 3. BBX is Busted – Working it Out (2388 words)
- 4. BBX has big, Big, BIG Problems (1778 words)
- 5. The Demise of BBX (3489 words)
- 6. BBX – A Summary (1308 words)
- 7. Reflections on Investigating BBX (6394 words)
- 8. BBX – The First Criminal Charges (3625 words)
- 9. BBX Crimes – The Significance (2,710 words)
- 10. BBX Causes Problems for IRTA (2,251 words)
- 11. BBX: Rats Off a Sinking Ship (1,715 words)
- 12. BBX Data Security Breach (1,852 words)
- 13. BBX Threatens – Sue Me PLEASE! (1,511 words)
- 14 The BBX Knives Are Coming Out (1,791 words)
- 15. BBX Memberships – Names in a Database (2,774 words)
- 16. BBX UK & The Franchise Show (2,840 words)
- 17. OPEN LETTER 1 – BBX Members (162 words)
- 18. BBX Currency Analysis – 10c/$1.00 (1,527 words)
- 19. The BBX People Speak (11,726 words)
- 20. More Words from BBX People (15,206 words)
- 21. How BBX Did It – Lies & Theft (3,663 words)
- 22. BBX – Winding Down/Winding Up (3,217 words)
- 23. BBX New Zealand Analysis (828 words)
- 24. BBX UK Membership Analysis (1,143 words)
- 25. BBX NZ – Serious Fraud Office (1,261 words)
- 26. BBX – Thailand Member Analysis (1,165 words)
- 27. BBX Minor Countries Analysis (574 words)
- 28. The BBX People (2,290 words)
- 29. BBX International in a Nutshell (295 words)
- 30. The Raw BBX Data (4,463 words)
- 31. BBX Members React – It’s War (5,617 words)
- 32. BBX and Issues of Morality (1,363 words)
- 33. Warning to BBX Staff & Associates (1,944 words)
- 34. BBX Devaluation Helps With Tax Losses (1,269 words)
- 35. BBX Rips Open the Barter Industry (1,237 words)
- 36. MEDIA RELEASE: Barter Tax Avoidance Warning (516 words)
- 37. BBX Whistleblower: Cameron McKean (4,994 words)
- 38. The BBX Investigation Final Comments (1,504 words)
Leave a Reply