Malaysian Company raided by Authority for suspicion of carrying out an unregistered investment scheme .
A few weeks ago a Malaysian company was fined a large sum of money for receiving financial deposit without a valid licence.
In yet another case on May 28 10 , a newspaper reported that the COMPANIES Commission of Malaysia (SSM) has raided the offices of Prestige Dairy Farm Sdn Bhd in Bangsar, Kuala Lumpur, and Johor Baru, Johor, yesterday for suspicion of carrying out an unregistered investment scheme.
SSM’s probe is under Section 84(1) and Section 91(1) of the Companies Act where any company that wants to offer investment schemes to the public must get approval from SSM. “
Background : From the company’s website it reads “ Prestige Dairy Farm (M) Bhd (832757-A) , a wholly owned Bumiputera company, was incorporated in September 15, 2008 parallel to Malaysian government’s encouragement for private sector to be involved commercially in dairy industry through Dasar Pertanian Negara Ke 3 (1998-2010).”
The company ‘s website made reference to a business offers when is said “Prestige Dairy Farm (M) Bhd has established an innovative new way where businessman and farmers can own their business without having to raise capital as much as the conventional method. This method is called EZY Contract Farming.”
Is this “EZY Contract Farming “what the newspaper meant when it said “The company is suspected of soliciting public funds for investment in Frisian-Jersey cattle. “The minimum investment is RM26, 786 per cattle, SSM said in a statement.
I am not sure if Prestige Dairy Farm has yet been cleared or will the CCM charge them in Court for non compliance of the Law? Take note if you are considering investing in the scheme.
Filed under: Business Ideas and Opportunities, Company, Small Business Issues | Leave a Comment