Mark Paulsmeier, founder and former President of the Global Association of Billionaires and Millionaires (GABM) confirmed this to OFM News earlier today. 

He says the decision was taken to utilise the funds for other GABM projects after South Africa’s Government did not give written consent to certain suspensive conditions contained in a letter sent on June 27.

“Firstly I would like to express my deep disappointment that it (the donation) did not happen.

“By the time of the deadline, we had not received any written confirmation from the SA Government. They did not come into contact with us at all in this regard since then.”

The conditions to the payment included that no tax would be payable on monies received by farmers and that the virtual currency, Investment SNG Global Dollars, could be exchanged for Rands.

Paulsmeier says although the 70 million dollars, which equates to about R1 billion, in virtual currency is no longer available, he is open to directing future discussions on initiating a new drought relief project.

OFM News is still awaiting a response from Government on the latest development.

OFM News