Picture from: http://swisscash-singapore.blogspot.com/
Swiss Scam: RM286m payback for Swisscash investors
Monday, 29 September 2008 09:03am
©New Straits Times (Used by permission)
KUALA LUMPUR: Investors in the Swisscash investment scam will get back US$83 million (RM286.3 million) — a fraction of the tens of millions they have ploughed in.
The Securities Commission said yesterday it had obtained a landmark High Court judgment on Sept 25 against three defendants — Albert Lee Kee Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd.
The defendants have been ordered to pay the sum and any further amounts traced by the SC, to compensate investors of the scam.
They have also been restrained from carrying on the Swisscash business, acting as unlicensed fund managers and/or investment advisers, from collecting investment funds for any investment scheme or hosting any Internet investment scheme websites. If they fail to comply, the SC can take contempt proceedings against them.
“This judgment is the culmination of two years’ of intensive efforts by the SC in pursuing the perpetrators. This involved cross-border investigations spanning seven countries to gather evidence and trace Swisscash monies,” the SC said in a statement.
The regulator had successfully obtained a worldwide Mareva injunction in June last year to prevent the defendants from disposing of their assets in and outside Malaysia.
A court order was also obtained in September last year, directing one of the defendants to transfer RM35 million of Swisscash monies back to Malaysia.
Since then, the SC has led a meeting of seven regulators to intensify cross-border co-operation and exchange of information on the Swisscash scam.
This judgment will allow the SC to work with its counterparts in other countries, including Switzerland, Isle of Man, Jersey, Australia and Singapore to trace and repatriate Swisscash monies of RM30 million known to be held overseas to satisfy the judgment.
Eligible investors will be compensated once these monies have been successfully repatriated.
“This achievement disposes of SC’s action against three of the four defendants named in the civil suit filed in June last year.
“The fourth defendant, Amir Hassan, is still contesting the civil action,” it added.
Swisscash, promoted by Swiss Mutual Fund, is said to be an offshore investment company headquartered in the Commonwealth of Dominica. However, the fund’s board of directors comprised only Dominican citizens with no ties to Switzerland.
The fund is believed to have been started after World War 2 in 1948 by the Cheviot family of France, with operations based in Berne, Switzerland.
In 1996, the firm moved to the Commonwealth of Dominica due to changes in financial regulations in Europe.
However, the Swiss embassy in Kuala Lumpur has denied the company’s link with the original organisation based in Switzerland.
On Dec 13, 2006, Swiss Mutual Fund (1948) S.A. was struck off the Commonwealth of Dominica’s Register of International Business Companies.
Tens of thousands have fallen victim to the scam, including Malaysians who were introduced to it in April 2005.
In 2006, the SC began investigations into the scam under the Securities Industry Act 1983 and the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, following public complaints.
About RM35 million is currently held in six bank accounts in Hong Kong and eight bank accounts in Singapore.
By August last year, the SC blocked four websites related to Swisscash — www.swisscash.net, www.swisscash.biz, www.swissmutualfund.biz and www.swisscashguide.com.
how can i get the compentation from swisscash, im one of the investor there…
sorry eric. i don’t know detail about this problem. i just get it from newspaper. thanks
Dayangku Rosnani PHPH
Hi, I am from Brunei. Is there any new newa regarding Swisscash? I was one of the bif investor here and I really want to get my money back. Can you please help me on who to contact regarding this mater?
p/s Pls reply to my e-mail.
wau.. ramainya kena tipu.. hurmm..
wah lama dah tak dgr berita pasal swisscash ni…… duit tu saya pinjam kat bank…. nak idup pun susah,,,,, macam mana ni dia org tak refund balik duit2 tu,,,,,saya tak akan halal dunia akhirat duit tu…… org persalah invester sebab join swisscash….
Swisscash Bayar Balik RM 31 Juta Kepada Peserta
[…] kenapa RM 31 juta je? Bukan sepatutnya RM286.3 juta ke? Cuba cek balik post saya yang lepas Swiss cash payback RM 286,300,000.00 to investors.. So ada lagi RM 255.3 juta yang burn macam tu saja ke? Kalau korang nak tahu, Rm 31 juta dari Rm […]
detail payment camne?
tu tak taulah camner..nanti akan diorang bagitau kot
In 2006 Im invest RM8000.00 inswisscash when can get the compensation
lets wait for another announcement from government
mohd fadly shah
ape cete dgn swisscash ni kata nk bayar blk.bila…………. aku dah tanggung hutang nk bayarrrrrrrrrrr ni. tolong laaa…………..kepala yang cari dan buat promok pun diam terus sampai ari ni.
maaf, saya tak ada kaitan dengan swisscash dan saya tak pernah terlibat..post ini hanya sekadar nak membantu rakan2 yang pernah tertipu dengan swisscash. Untuk maklumat lanjut, bolehlah hubungi pihak yang berkaitan
sya da malas benor nk dengar pasal invesment nie….memeningkn kepala…skarg lbh sukar buat MLM….ada benda ada hasilnyer…..amcm ok tk????hehehhe…
hampeh punya kerajaan…bayaran balik RM286.3 million…kononya…dan ramai yang tak sempat buat permohonan dek masa yang terlalu singkat, aku sendiri melabur yang dapat aku sedia maklumat ada dalam USD4000…nak tahu berapa aku dapat cek baru-baru ini…RM756.00….hanya 5percent je dari jumlah USD4000…kemana pergi duit yang RM286.3 million tu…geram betul aku…
hoho..ye ke? tu tak tahulah..mungkin ada benda yg kena potong kot..tak tahulah saya, tu semua kerajaan punya kira