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Companies Commission raids three companies over illegal land investments |
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Saturday, 25 October 2008 12:51am |
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©Bernama
(Used by permission)
KUALA LUMPUR, Oct 24 (Bernama) -- The Companies Commission of Malaysia (SSM)
today raided three companies suspected of offering investments in illegal land
investment schemes.
The raids were conducted simultaneously at the UK Land International (M) Sdn Bhd,
Profitable Plots Sdn Bhd and Edgeworth Properties (Malaysia) Sdn Bhd.
The companies had allegedly contravened sections 94 and 363 of the Companies Act
1965.
In a statement, SSM said it had conducted surveillance on the companies over the
past couple of months.
It said the companies offered the public to purchase and invest 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.
Non-compliance 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 and via e-mail to
enquiry@ssm.com.my.
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