How do you invest RM15 million?
Maybe EPF considered RM15,000,000.00 to be a small amount. I mean, even if I would want to invest Rm1000, I would have done a better background check on such company.
| It is learnt that a man had approached the EPF investment division and offered to sell an 80% stake in the company, which had entered into a lucrative joint venture with an American company. |
| The man managed to convince EPF officials of guaranteed profits for 2005, 2006, and 2007. |
| Unsuspecting EPF officials, impressed with the figures and guaranteed returns for the next few years, then signed a term sheet for the proposed investment and paid the RM1.5mil (as 10% downpayment for the RM15M deal). |
| Sources said the company had been ordered to be wound up by the courts by then but the man, who had also been forced to resign as the managing director, still went ahead with his proposal to the EPF. |
| A local bank had valued the total shares of the company at about RM700,000 while EPF had been duped to pay almost 28 times more than the valued amount. |
Maybe those officials had forgotten that the RM15,000,000 belongs to us, who laboured day and night to earn our meager income? I mean, how naive can you be, to believe in guaranteed income? Isn’t that the core for the infamous pyramid scheme? Now we trust those to invest our money?
they really suck big time!
Things are not simple as it appeared to be. Who knows, x% goes to the fellas Swiss Account. This is really infuriating. hmmpfff ..