What went wrong? SwissCash? Malaysian SC and BNM? As of to date Malaysian SC and Bank Negara Malaysia (BNM) have blocked in total 8 websites. On BNM website are three warnings and action taken.
1. Latest on G-Gold Gallery Sdn Bhd and its Related Companies
2. PureInvestor.com Inc. and its Related Companies
3. Warning on Swiss Cash or Swiss Mutual Fund
Bank Negara Malaysia and Securities Commission of Malaysia would like to inform members of the public that Swiss Mutual Fund, the company that is promoting the Swiss Cash fund, is not licensed or exempted from licensing by Bank Negara Malaysia to accept deposits nor is it licensed by the Securities Commission to carry out asset management activities or services in Malaysia. Swiss Cash fund promoted by Swiss Mutual Fund has not been approved nor endorsed by the Securities Commission.
Swiss Cash fund is an internet-based investment program promoted by Swiss Mutual Fund, a fund management company claimed to be registered overseas, and the investment opportunities in the fund is offered through the Internet and local agents.
Members of the public should only invest through parties that have been licensed by the authorities. When in doubt, the public should check with Bank Negara Malaysia, the Securities Commission or other relevant authority on the licensing status of the local or foreign company before making any investment.
Members of the public may contact the Securities Commission and Bank Negara Malaysia for enquiries on the fund:
Complaints Department, Securities Commission
Tel: 03 6204 8999
Fax: 03 6204 8991
Bank Negara Malaysia
Tel: 03 2691 0824 / 2692 6482 / 2698 2810 / 2694 2143
Fax: 03 2698 7467
Bank Negara Malaysia
5 September 2006
SC and BNM provide SwissCash valid reason to block new intending investor (which may be good??) and worse of all SwissCash to ebscond our money! We don't even have the change to withdraw because all fund converted to ACF can only be withdrawn after 1st October. This is very immoral of SwissCash to withhold our investment. So in this respect SwissCash has preplan to scam us. Even if SwissCash is for real, what right do they have to hold withdrawal? Besides, the conversion from SIP25 fund to ACF was never communicated to any investors when they took this action on 1st April. You and I who have invested in SwissCash have been fooled and SwissCash actually choose this date to fool all of us. Whether we are been scammed or not may be the direct result of the action of the authorities. How unfortunate. Just wonder if we could recover our money...