Finally, it appears that China-Malaysia authorities are cracking down on the infamous MBI scheme. But what took them so long?
Years ago, everyone and his (her) dog/cat in Penang already knew something was up. It didn’t take a genius to figure out what was going on.
Small get-rich-quick schemes were busted. But MBI continued as the ‘good times’ rolled on. Some of those linked to MBI were operating openly within a stone’s throw and full view of Komtar.
But deep down we knew the good times would not last forever.
Now, some 11 million ‘investors’ have suffered including a couple of million perhaps in China.
The total amount these investors lost could rival or surpass what was lost in the 1MDB case.
How far did the MBI tentacles spread? Where did the billions ‘invested’ end up? What were the funds used for? Was MBI linked to any politician and if so, who?
Some of those linked to MBI were operating openly within a stone’s throw and full view of Komtar.
Did Bank Negara do enough to protect the interests of the public in Malaysia and beyond? What about the MACC?
Check out this CNA article: China-Malaysia crackdown on alleged Ponzi scheme rattles Penang’s corporate, political circles
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Chinese and Malaysian police have seized over 3.8 billion ringgit (US$900 million) of assets – including yachts and property – from Tedy Teow’s scam empire alleged to have duped millions of people throughout the Asia-Pacific with promises of high-return investments.
https://www.scmp.com/week-asia/people/article/3314016/us900-million-seized-china-helps-malaysia-dismantle-tedy-teows-scam-empire
Many “Atas” people are behind MBI. Don’t be surprised only a few ikan bilis being investigated while big guns NFA no further action.
Umno Youth chief Dr Akmal Saleh has urged the authorities to act against a Pahang royal who was implicated in a knife attack against a 30-year-old man recently.
“Umno Youth strictly urges the attorney-general to charge the royal and get him a severe punishment if there is a case against him.
GEORGE TOWN: The 5% housing discount for first-time house buyers, which was earlier given to Indian Muslims, has been extended to all, says Chow Kon Yeow.
The Chief Minister said the state exco met on Wednesday (June 18) and decided to extend the discount to all buyers for a year under the Madani Home Ownership Campaign.
PSM reminded Prime Minister Anwar Ibrahim how the goods and services tax (GST) contributed significantly to BN’s downfall, warning that the Madani government may face the same fate over its expansion of sales and services tax (SST).
Do you agree?
Umno will not support any movement that claims to unite the Malays but is actually rooted in personal political ambition, says party president Ahmad Zahid Hamidi.
Zahid said any genuine effort to unite the Malay community must be built on shared ideals, not disguised attempts to revive political careers.