MBI International, Mface in Bank Negara’s latest alert list

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This news will cause some anxiety: MBI International Sdn Bhd and Mface International Sdn Bhd, large entities heavily involved in Penang and elsewhere, have been finally included in Bank Negara’s latest list of 302 “known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM”.

They operate from this website http://www.mbiv2u.com/

MBI International Group and its subsidiary business network has spread across Asia, including China, Hong Kong, Taiwan and Thailand, according to its website.

Check out Bank Negara’s latest list of unauthorised firms.

What does “not authorised nor approved” mean?

Over the last few weeks, I have been trying to understand the pyschology of those who invest in these firms. Could you help me understand why many ordinary people seem attracted to the possibility of making higher returns without really being sure about the background of these firms?

Is it because people feel fearful or insecure about the future that they feel they need to secure quick returns using the fastest possible route?

Are they worried by the political and economic outlook – that they might not be able to cope with the higher cost of living especially housing, education and healthcare in the future?

Do they feel they are losing out to inflation from low interest rates offered by the banks?

Is the culture of corruption and cronyism encouraging ordinary folk to think of quick returns with minimum or no effort?

Or is it just plain greed, as we have been told (which in a way, stops us from thinking of other possible factors)?

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37 COMMENTS

  1. Look at what happened to Genneva gold. The directors found not guilty. Now who get the money?

    If MBI Director is charged in court and later found not guilt. He get all the money after frozen accounts return to him.

    Penang Times Square become empty mall again. Shops closed. Workers lost their jobs. MBI Desa Ku project cancelled. Buyer cannot get their houses anymore. Future M Hotel project cancelled. Penang Times Square Mall Phase 3 will be completed without tenants. Penang Times Square phase 4 stopped. Ivory may face problem with Penang Times Square phase 4 and 5.

    Director enjoy the money. A few years battling in court and get millions and millions. Who will gain if MBI closed down? Take a look at Genneva gold. Are the directors going to restart Genneva gold since it is found NOT guilt? Are the old investors going to get back their money. No newspapers report on this. They only report to make genneva gold look bad. Now Genneva Gold is found NOT guilt, what will happen to the money ?????? Any reporters out there ? Please look into this.

    KUALA LUMPUR: Eleven people and a company, Genneva Malaysia Sdn Bhd, were acquitted and discharged by a Sessions Court here of more than 1,000 counts of money laundering and illegal deposit taking.

    They are Genneva Malaysia’s directors Datuk Philip Lim Jit Meng, 60, Datuk Tan Liang Keat, 45, and Ahmad Khairuddin Illias, 59; company advisers Datuk Marcus Yee Yuen Seng, 65, Jit Meng’s wife Datuk Chiew Soo Ling, 53, and Datuk Ng Poh Weng, 67; and general manager Lim Kah Heng, 46.

    Others in the 11 are Poh Weng’s three children Wan Yee, 38, Yee Yaw, 36, and Wan Yean, 33; and Tony Yao Kee Boon, 56.

    Wan Yee and Yee Yaw are directors of Ng Advantage, a Genneva Malaysia’s subsidiary company.

    Genneva Malaysia was also acquitted of the charges.

    Judge Mat Ghani Abdullah ruled that the 11 people have succeeded in proving reasonable doubt in their case by end of the defence’s case.

    He said the money deposited into the company’s account was not the deposit which was classified under the Banking and Financial Institutions Act (Bafia) 1989, and that

    Genneva Malaysia had taken all efforts to follow the regulations under Bafia and Syariah principles.

    “In other deposit taking cases, there were no tangible items exchanged but in this case, there were items which existed in the form of the gold,” he said.

    However, Judge Mat Ghani granted a stay applied by the prosecution pending appeal.

    Jit Meng, Tan, Kah Heng, Poh Weng, Ahmad Khairuddin and the company were accused of money laundering by possessing, accepting, transferring and acquiring the money from an illegal activity via a cheque from CIMB Islamic Bank Berhad into their CIMB Bank Berhad bank accounts.

    They were charged under Section 6(4) of Bafia.

    Yee, Chiew, Wan Yee, Yee Yaw, Wan Yean and Yao were accused of involvement in money laundering by accepting proceeds from illegal activities and were charged under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.

    Read more at http://www.thestar.com.my/news/nation/2017/03/17/genneva-malaysia-11-acquitted-of-money-laundering-charges/#wW2HrKHEEsalEV1Y.99

  2. MBI actually have been bringing a lot tourists from China to Penang. You can see tour buses around M Mall everyday. $$$ to Penang Island. Hotel tax, airport tax mean money to the government. When the tourists from china spend their money here, Penang get the direct benefits. State government also get the hotel tax. Without MBI, Ivory will have problem with their Penang Times Square Mall project. It was a empty mall but MBI have bring live to the Mall. Bring jobs to Penang lang.

  3. CNA: Thousands of get-rich-quick dreams dashed by scammers in Malaysia

    Read more at http://www.channelnewsasia.com/news/asiapacific/thousands-of-get-rich-quick-dreams-dashed-by-scammers-in-8915880

    Bank Negara Governor Muhammad Ibrahim offerssome broad guidelines on how to spot a dubious investment:

    “If you look at unit trusts, their returns are generally around 5 per cent to 6 per cent [each year] and these are the best portfolio managers,”

    “The very good ones could offer 6 per cent to 7 per cent returns. So any numbers beyond this rate cannot be true.”

  4. MBI GROUP International founder Tedy Teow Wooi Huat and his son were jailed before for being key figures in the Island Red Cafe franchise from 2008 to 2010, according to The Star Online report.

    Teow, whose company is currently under the spotlight for its virtual money scheme, and his son Chee Chow, 28, were sentenced to one day in jail each and fined a total of RM160,000 by the Ampang Sessions Court in August 2011.

    They were found guilty of cheating and misleading investors in the cafe chain scheme by fraudulently inducing 93 people to invest a total of RM1,040,400.

    MBI, a huge electronic shares platform operator, is now being investigated by various authorities for allegedly operating without a direct sales license, promoting a pyramid scheme and money-laundering.

  5. Judging from what I’ve read, no one here is a self made millionaire. It’s comments of poor people. One who does not take risks. Why climb Mount Everest when so many people are hurt or die. Why jump out of a moving plane? etc… To live life..
    Before you make assumptions, I’m not in MBI or JJPTR or any MLM.. I’m just a humble stock broker and property investor who just got “lucky”… I wouldn’t mind trying out the companies mentioned.
    Investment tips to the brave, check out Ethereum..

    • You can certainly empatise with the risk taking YOLO attitude of our young Mat Lajaks – racing mosquito bicycles down the highway slope without hand brakes while on ‘superman stunt’.

      • CAT basher will blame pg Gomen but the fault is from Nat Gomen. In many countries they educated the people with radio and TVs. Money and financial loans are under the nat preview

    • A double whammy (loss) for those who recently reinvested in new scheme of higher returns!
      Blessed are those who have not seen returns but still wanna invest some more! (to quote similarity to a certain scripture for those with strong faith).

    • Riding the Mcoin wave
      http://m.thesundaily.my/node/395455

      Mcoin is the digital currency that comes under under MBI Group, which is involved in various businesses including property, convenience stores, clothing, electronics, to name a few. MBI was founded by Tedy Teow in July 2009 and former inspector general of police Tan Sri Musa Hassan is a consultant for the group.

      Mcoin is accepted at many places in Penang, including its “flagship store” M Mall, which is adjacent to Penang Times Square. For some stores, they can impose an additional 10% on product prices for purchases through Mpoint due to a lower profit margin.

  6. These schemes surely will more or less put a stain to the image of Malaysian Chinese among Mainlanders. What used to be pre/post WW2 hard-working, dilligent immigrants who braved the seas to Nanyang to seek better life and prospects , even funding the revolution, to be replaced by (alleged) Ponzi Masters who has no hesitancy to cheat their own fellow countrymen.

    • These scams often sneakily operate in collaboration with NGOs, corporations, and are known to hold charity and social events with local grassroots political leaders and celebrities. If these organisations and individuals are aware of the dubious natures of these schemes, it is unconscionable for them to knowingly be part of these events and functions. Perhaps the law should be tightened to allow for these ‘influencers’ to be prosecuted as well.

      Source:
      https://www.themalaysianinsight.com/s/3577/

  7. You let these scam companies register, let them operate, let them scam the people kaw, kaw.

    And you do nothing other than list them as “known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by BNM”.

    Until the day, they abscond or give unbelievable excuses like “trading account hacked”.
    By then, to act (to be seen to act) is already too late.

    Then what is the real use of a Bank Negara full of laws & regulations or Suruhanjaya Syarikat Malaysia (SSM) with the dos & don’ts?

    It’s like “Let there be sharks in the swimming pool. Swim at your own risk”
    NYIAMAK!

    • They use similar modus operandi:

      1. Conduct CSR activities to get press coverage e.g. Donate money to old school.

      2. Have prominent and influential personnel in their board of directors to provide cover and protection.

      3. Sponsor singing or talent show activities at shopping mall to gain prominence.

  8. Why resort to money game get rich quick scheme?
    Because the need for $ to sustain bin-chooi self esteem very very important to many now!

    Can we expect plane loads of Mainland Chinese congregate at Penang Times Square MMall to seek justice ?

    • Actually talking to some of my young gen relatives at dinners & gatherings, I found out their favourite topics were forex trading, MLM schemes (of which an insurance company [allegedly] seems to use MLM tactics to get members), bit coins, money-games (which wasn’t termed as such but as money investment).

      Lifestyle of cosmopolitan bin-chui seems attractive enough not to be too wary but to live the best financed from such favourite pursuits of ‘fast’ money. Work passion is outdated & not worth a life of not measuring up to the Joneses.

      Brags after brags were all I heard. Like this one: “you are not smart enough, why pursue tertiary education when one without a degree can be rich manifold before hitting 25?”

      To this, I told my daughter, “Just ignore the insulting brag, follow your heart’s passion. Life is not all about money”.

      • When you are too rich you need bodyguards by your side and lose your privacy. Just need enough money to live by and be carefree!

      • If you are too rich you can ride big and fast cars, fly private jets and use 4wds in downtown and then stand up and support campaigns against global warming like CAT basher and actor of tatanic who flew from NY to LA and back 5 times in 7 days

    • MonSpace (M) Sdn Bhd founder Jessy Lai said ex-IGP Musa Hassan was only the president of MonSpace Net Inc, which has no direct links with MonSpace Corporation. She said MonSpace is not an investment company. Rather but an e-commerce company, like Lazada or TaoBao.

      According to Lai, her company also helps its members by providing funds for them to establish businesses, as well as properties from which to run them.

      Lai also said claims that MonSpace had been blacklisted by Bank Negara Malaysia (BNM) are incorrect as the company was only listed on the central bank’s “alert” list.

      http://www.freemalaysiatoday.com/category/nation/2017/05/23/monspace-is-not-an-investment-company-says-founder/

  9. Anil, it is pure greed. A relative of a friend of mine is involved in JJPTR scheme. Despite the negative reports and arrests, this person is hopeful and still waiting for a new scheme to be launched which will pay out higher returns, no limit to investment amount! This person is coveting a sports car and holidays abroad, thinking that the investments will pay for it! No matter how much counselling is given, it fell on deaf ears. Just waiting to be fleeced, voluntarily.

    • Tedy Teow is the founder of MBI International Group.

      According to http://www.mbiv2u.com:

      Tedy Teow is known for his sharp mind and collaborative leadership style. He is also known as an effective team leader who fears no challenge. With a proven track record of leading and developing MBI International Group since 2009, Tedy has been through thick and thin in his attempts to be a successful entrepreneur and spiritual leader today.

      • Spiritual leader? Sound too familiar to MLM / pyramid marketing where evangelical-style pulpit preaching plus witnessing + singing corporate pump-up motivation is a must to exhilarate the wannabes in hotel banquet rooms & seminars.

      • Tedy Teow is (allegedly) not even his name on his passport. What a joke, how to trace him when disappears?

      • Tedy Teow collaborates well … for MFace to have strong presence in Penang Time Square’s retail sector.

      • Robert Kiyosaki has no match against Tedy Teow when come to leveraging others’ money for self gain and pleasure?

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