Investors in the failed gold investment scheme want bank officials to call for a tripartite meeting and pressure the company to refund their monies
KUALA LUMPUR: Investors in the nation’s largest gold invest scheme today urged Bank Negara Malaysia (BNM) to compel the company’s director Chong Yuk Ming to refund their monies.
“We want BNM officials to make a trip to Ipoh, where the company is based and meet Bestino directors and investors to resolve the matter,” said M Saraswathy.
Saraswathy, who leads Bestino Action Committee, said this after a meeting with the central bank’s assistant governor Abu Hassan Alshari Yahaya.
Saraswathy said that investors were upset after Chong ignored a letter, dated Feb 14, from BNM asking for a tripartite meeting involving the bank, Bestino directors and the investors.
It is learnt that Chong failed to respond to the letter and had also refused to attend the meeting. “It is so weird that Chong, an individual, can be so defiant,” said Saraswathy.
Bestino, which is based in Ipoh, stopped taking in investments after BNM raided the company for illegal deposit-taking activities last year.
Four of its directors were charged in the Sessions Court in Ipoh on Feb 23, 2011, with illegal deposit taking under section 25(1) of the Banking and Financial Institutions Act 1989 and section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.
More than 6,700 people who had invested RM411 million in the scheme are demanding that BNM and Bestino return their investments.
‘Something fishy going on’
Chong, on Feb 13, told the media that the Bestino was prepared to return the money to the investors on April 30, provided BNM gave its approval.
Following the statement, BNM issued an official clarification, saying Bestino need not wait for a green light from it and the company could go ahead and refund investors their money.
The Bestino action committee last week sent a letter to Chong demanding Bestino pay back the investors monies after the clarification by BNM.
They also urged Chong to show the proof of the US$146 million (RM438 million), he claimed was in HSBC Bank in Hong Kong and which will be used to refund investors.
Chong declined, and said that BNM clarification on their website cannot be taken as an official approval to bring in the money into Malaysia.
“Something is fishy in this case,” said Saraswathy.
She added that the best way to sort out the ongoing issue is for tripartite meeting among the directors, investors and BNM.
“We already requested the assistant governor for an official meeting in Ipoh. I hope BNM can accede to our request soon as possible.”
“If BNM fail to do so then the investors will siege again the central bank,” she added.
KUALA LUMPUR: Investors in the nation’s largest gold invest scheme today urged Bank Negara Malaysia (BNM) to compel the company’s director Chong Yuk Ming to refund their monies.“We want BNM officials to make a trip to Ipoh, where the company is based and meet Bestino directors and investors to resolve the matter,” said M Saraswathy.
Saraswathy, who leads Bestino Action Committee, said this after a meeting with the central bank’s assistant governor Abu Hassan Alshari Yahaya.
Saraswathy said that investors were upset after Chong ignored a letter, dated Feb 14, from BNM asking for a tripartite meeting involving the bank, Bestino directors and the investors.
It is learnt that Chong failed to respond to the letter and had also refused to attend the meeting. “It is so weird that Chong, an individual, can be so defiant,” said Saraswathy.
Bestino, which is based in Ipoh, stopped taking in investments after BNM raided the company for illegal deposit-taking activities last year.
Four of its directors were charged in the Sessions Court in Ipoh on Feb 23, 2011, with illegal deposit taking under section 25(1) of the Banking and Financial Institutions Act 1989 and section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.
More than 6,700 people who had invested RM411 million in the scheme are demanding that BNM and Bestino return their investments.
‘Something fishy going on’
Chong, on Feb 13, told the media that the Bestino was prepared to return the money to the investors on April 30, provided BNM gave its approval.
Following the statement, BNM issued an official clarification, saying Bestino need not wait for a green light from it and the company could go ahead and refund investors their money.
The Bestino action committee last week sent a letter to Chong demanding Bestino pay back the investors monies after the clarification by BNM.
They also urged Chong to show the proof of the US$146 million (RM438 million), he claimed was in HSBC Bank in Hong Kong and which will be used to refund investors.
Chong declined, and said that BNM clarification on their website cannot be taken as an official approval to bring in the money into Malaysia.
“Something is fishy in this case,” said Saraswathy.
She added that the best way to sort out the ongoing issue is for tripartite meeting among the directors, investors and BNM.
“We already requested the assistant governor for an official meeting in Ipoh. I hope BNM can accede to our request soon as possible.”
“If BNM fail to do so then the investors will siege again the central bank,” she added.
No comments:
Post a Comment