As a follow up to my previous blog on “Investment Craze or Crash”, I thought it pertinent to write a bit on the whole Swisscash saga. There is a lot of information out there as to what’s happening with Swisscash but still a lot of uncertainty.
It seems in Malaysia, many innocent investors were being cheated by unscrupulous individuals claiming to be aligned to Swishcash. Its appears that a number of persons joined wrong websites promoted by people using Swisscash’s name and as a result Swisscash has become target. But I still am unable to vouch for the innocence of Swisscash in this matter.
On the 21 of June 2007 the Malaysian Securities Commission obtained a Mareva Injuntion on Swisscash and as a result Swisscash websites were not allowed to be accessed by Malaysians as Malaysian internet service providers were informed to block access.
On 18th August, all Swisscash websites were taken off the internet because the Malaysian Securities Commission went further and obtained an INTERNATIONAL Minerva injunction. Unfortunately this affected both Malaysian investors and ALL Swisscash investors.
“The Mareva was sought by the SC following the filing of a civil suit against defendants Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Amir bin Hassan, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948) S.A., SMF International Limited and SMF (1948) International Limited.
The Mareva, which can be viewed here (pdf – 418KB), restrains and prohibits the defendants from:
- carrying on the business of Swisscash,
- targeting, soliciting and/or collecting funds from the public for investments in Swisscash or any other internet investment scheme, and
- hosting or operating the Swisscash websites or operating any other such websites which solicit investments for Swisscash or any other internet investment scheme.
The SC (Securities Commission) secured the Mareva following its investigation on the scheme under the Securities Industry Act 1983 and the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.” http://www.silapbesar.com/blog/
According to friends who are members of Swisscash, the organization intends to create new websites, ‘rebrand’ itself, and carry out investment service by the 15th September 2007. Lets see what will happen.
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Andre P. Llewellyn (c) 2007
