Three firms offering foreign land investments raided

this is a must read if you hv invested or consider investing in these companies...

-----

Published in The Star: Saturday October 25, 2008 MYT 1:30:00 PM
Updated: Saturday October 25, 2008 MYT 2:35:17 PM

Three firms offering foreign land investments raided

KUALA LUMPUR: The Companies Commission of Malaysia (SSM) raided three companies suspected of offering investments in illegal land investment schemes.

The raids were conducted simultaneously on the UK Land International (M) Sdn Bhd, Profitable Plots Sdn Bhd and Edgeworth Properties (Malaysia) Sdn Bhd, Bernama said, quoting a SSM statement on Saturday.

The companies had allegedly contravened sections 94 and 363 of the Companies Act 1965.
In the statement, SSM said it had conducted surveillance on the companies over the past couple of months.

It said the companies offered to the public investment in plots of land in foreign countries, notably England and Canada, and used attractive marketing strategies, among others, promising extremely high rate of returns.

"Any company offering investments in interest schemes must comply with Division 5, Part IV of the Companies Act and other relevant provisions of SSM's Policy Guidlines and Requirements before they can start offering such investments to the public," added the statement.

Noncompliance of Division 5 Part IV of the Companies Act is an offence under section 94 (1) of the Companies Act and carries a penalty of imprisonment for five years or RM100,000 fine or both whilst section 363 (5) entails a penalty of 10 years imprisonment or RM250,000 fine.
The statement advised the public to verify the status of schemes by contacting SSM at 03-40476111/6222 or fax at 03-40476317 or via email to enquiry@ssm.com.my.

Bernama