U-Vistract is considered by many to be a Ponzi scheme. The founders have stated that the plan has always been to back the assets of the plan with the in-ground natural resources, including copper, silver, gold, zinc and other products.
Formation of U-Vistract
In 1997, seven years after the unilateral declaration of independence, the Bougainville Revolutionary Army was fully in control of the island, but its leadership was starting to split into different factions. Francis Ona continued in full control of the army, and intended to achieve full independence. His co-president in the Bougainville Interim Government, Joseph Kabui, was seeking rapprochement with PNG and formation of an Autonomous Bougainville Government, while the army General Sam Kauona had his own path. Musingku met with each of them as a mediator, and by 19 December had signed agreements with each. They realized that it would be impossible to join the three parties together without a source of funding, and that it would be impossible to achieve political independence without financial sovereignty. As Musingku’s wrote, Thus began the creation of the U-Vistract System. At first, the "U-Vistract Mission" was established as a Christian mission program in Australia. After Musingku was arrested and publicly denigrated by the Australian Securities and Investments Commission for an unlicensed securities and investment program, churches continued to invest.
"On October 19th 1999 in one of my trips to Australia the ASIC placed me under house-arrest….After a heavy interrogatory session they demanded me to shut down all my operations in the country. The ASIC publicized the matter in the mediato letthe world of Australia know about the so-called illegal operations. However, U-Vistract grew even stronger, gaining momentum almost overnight. The number of my agencies grew in Kempsey, Sydney, Brisbane, Gold coast, etc."
From Australia, Musingku took his U-Vistract program to Pt Moresby, Papua New Guinea. While in Pt Moresby, he attempted to set up a bank in the old Hawaiian Bank building, but he was shut down by the PNG government and forced to leave to the Solomon Islands. He began again to set up his system, but the Australian police in the Regional Assistance Mission to Solomon Islands forced him out. In 2003 he travelled to Ona’s headquarters in Guava, Panguna, Bougainville, and established a bank there. Two years later he was able to travel to his ancestral village of Tonu, where he established his bank headquarters in an old cattle farm owned by the paramount chief. This, he said, was the manger from which would issue salvation of the world.
Expansion
U-V was established in several countries besides Bougainville. In 2002, it was already in 4 nations, including PNG. Its branches were considered to be branches of a government, with governors of different districts and regions in foreign nations. Along with a system of banks, branches and governorships in several countries, U-Vistract established an "alternate UN" called ‘’'Royal Assembly of Nations and Kingdoms'’’. Emissaries were sent from U-Vistract and RAONK to several nations, including Papua New Guinea, Fiji, Solomon Islands, the UK and Netherlands.
Implementation and operation
Initially, deposits were made in several currencies into bank accounts. Later, accounts were offered in ordinary and several high-yield investment categories. In 2005 in Bougainville, the U-Vistract system began using bank cards to allow members to purchase goods in "U-Vistract’s Royal International Trade and Commerce System". Merchants were promised reimbursement for member purchases.
Involvement
One U-Vistract official said that "only born-again Christians would be paid" since only they could handle wealth morally.
Present status
In 2010, the International Bank of Me’ekamui, one of Musingku’s bank group, established relations with a group of companies and individuals engaged in commerce outside of the usual financial system. This group has provided billions of dollars in capital to U-Vistract through IBOM, and provided the means for capitalization of the in-ground assets that Bougainville contains, while IBOM has provided access to the international banking system. A new, gold backed currency is pending issuance. It will be a gold-backed "Kina" worth 1 gm of gold. Currently, the exchange is the UVD at 10 USD to 1 UVD, now at 1 mg gold. This issue will include bills with the likenesses of Muskingku/King David, as well as Jesus Christ. Most Bougainvillians believed that Noah Muskingku is a Self-Proclaimed King who hides from the Legitimate Government Authority as he had deceived the ordinary people of PNG and other nations to invest in his failed financial scheme. His lust to form his own Government has no foundation as he only depends on the current government to provide goods and service to his people.
