RM35 million Swisscash monies held overseas ordered to be transferred back to Malaysia

The Securities Commission (SC) achieved a breakthrough in its civil enforcement case against Swisscash internet investment scheme when it secured a Court Order to direct one of the defendants, Amir Hassan, to transfer back to Malaysia all Swisscash monies held in bank accounts overseas within seven days.

Approximately RM35 million is currently held in six bank accounts in Hong Kong and eight bank accounts in Singapore. As Swisscash is a worldwide scam that operates in the borderless Internet realm, the SC is working closely with regulators from seven other countries to combat these illegal activities. This cross-jurisdictional collaboration has led to the discovery of valuable information that has facilitated investigations.

Once transferred back to Malaysia, the monies will be subject to the worldwide Mareva freezing orders pending the outcome of civil proceedings filed by the SC earlier this year against Amir Hassan, Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948) S.A., SMF International Limited and SMF (1948) International Limited.

This achievement in SC's civil proceedings ensures that Swisscash monies are held safely, and within the jurisdiction of the Malaysian courts so they can be subject to any order made in the proceedings.

Investors are again reminded that neither Swiss Mutual Fund nor Swisscash are licensed by the SC. To date, the SC has blocked four websites related to Swisscash namely www.swisscash.net, www.swisscash.biz, www.swissmutualfund.biz and www.swisscashguide.com.

SC will continue to take all measures to combat investment scams including blocking access to more websites, and taking appropriate enforcement action against its operators and agents.

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SC blocks new Swisscash website- Remind investors of the need for continued vigilance

As part of its on-going efforts to combat illegal investment schemes, the Securities Commission (SC), together with the Malaysian Communications and Multimedia Commission and CyberSecurity Malaysia (formerly known as NISER), has blocked access to a new Swisscash website which offered an illegal investment scheme promoted by Swiss Mutual Fund.

The new website, www.swisscashguide.com, has recently surfaced on the Internet amidst the SC's proactive and on-going efforts to block such illegal investment websites.

This latest move brings to four the number of websites related to Swisscash that have been blocked. Earlier in June, the SC had blocked three such websites namely www.swisscash.net, www.swisscash.biz and www.swissmutualfund.biz.

Investors are again reminded that neither Swiss Mutual Fund nor Swisscash are licensed by the SC. In fact the activities of Swiss Mutual Fund/Swisscash have also been declared illegal in several other countries such as Jamaica and China.

Members of the public are also urged not to be taken in by assurances of the scam's operators and agents that the promised returns will be paid through SMS or mail, or once the websites are unblocked.

The SC will continue to take all measures to combat investment scams including blocking access to more websites, and taking appropriate enforcement action against its operators and agents.

Meanwhile, in the civil suit filed by the SC against the persons behind Swisscash, the court is scheduled to hear on 24 September 2007 the inter parte Mareva injunction together with an application filed by the SC for orders directing one of the defendants, Amir Hassan to transfer his overseas monies back to Malaysia.

The SC had on 21 June 2007 obtained a worldwide Mareva injunction against persons involved in the Swisscash investment scam, preventing them from disposing their assets in and outside of Malaysia. The Mareva requires the defendants to disclose information pertaining to all their assets in and outside of Malaysia, the companies they have incorporated, and the bank accounts they operate.

The other defendants in the civil suit are Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948) S.A., SMF International Limited and SMF (1948) International Limited.

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Swisscash in Jamaica : Swisscash drops off the radar

Admin, September 08, 2007

Swisscash drops off the radar
published: Friday | September 7, 2007

Swisscash, an Internet-based investment scheme which advertises itself as a 50-year-old mutual funds company, has disappeared from the radar, Financial Gleaner checks have revealed.

The company, which wooed investments with promised returns of 25 per cent or more per month, has been under the scrutiny of securities commissions in Asia and more recently in Jamaica.

The Malaysian Securities Commission, earlier this year, had secured a worldwide Mareva injunction against Swisscash and its associated companies, freezing their assets and barring them from transacting business, after a civil suit was filed against the investment company in that jurisdiction.

Website down

On Wednesday, Jamaica's Financial Services Commission (FSC) confirmed it had been receiving calls saying the Swisscash website had closed down. Such persons, said the agency, also wanted to know whether it had any means of contact with the company, whose offices were listed as Madison Avenue, New York in the United States, and Roseau in Dominica. The latter address was given only as a post office box number.

The Financial Gleaner was first alerted on Monday via email by a man purporting to be a Swisscash investor, who said he had been unable to access the websitefor 18 days.

The FSC in July had issued an alert against Swisscash, saying it was not authorised to sell securities in Jamaica, having detected the presence of the high-return scheme.

Information posted on the website prior to its lockdown, suggested that pooled funds are invested in development projects, hedge funds, high-yield investments, the foreign exchange market and other areas, and that this portfolio gives SwissCash returns of 25 per cent to 45 per cent per month from which it pays dividends to investors.

Its targeted principal investment from foreign-based investors was US$10,000 to US$100,000.

The FSC said it would shortly be putting out another public notice about Swisscash.

lavern.clarke@gleanerjm.com

Source : http://www.jamaica-gleaner.com/gleaner/20070907/business/business3.html

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