Penang Legislative Assembly: High yield investment schemes focal point of discussion

HIGH yield investment schemes, popularly known as "money game", became a flashpoint during the question and answer session at the Penang legislature this morning.
RSN Rayer (DAP – Seri Delima) asked why there seems to be no action against such schemes from the relevant authorities until recently.
He asked if the lack of enforcement was due to the directors of such companies having ties with political parties and named Barisan Nasional (BN) and Gerakan.
This drew a chorus of boos from the state opposition assemblymen present where Datuk Muhamad Farid Saad (BN – Pulau Betong) could be heard saying "tidak boleh terima" (this is unacceptable).
The issue cropped up after Teh Yee Cheu (DAP – Tanjung Bungah) asked what the state was doing to address the matter and whether the state was involved in such activities in a follow-up question.
Tourism Development Committee chairman Danny Law in reply said the state had no authority over such affairs as the relevant authorities were the police, Bank Negara Malaysia (BNM) and the Securities Commission of Malaysia (SSM).
He urged the public to refer to information posted on the BNM and SSM websites adding that the state was not involved in such matters.
Teh nonetheless questioned why the reply came from the person holding the Tourism portfolio and not the one holding the finance portfolio, Chief Minister Lim Guan Eng.
Datuk Shah Headan Ayub Hussain Shah (BN – Teluk Bahang) also expressed similar sentiments and said he was confused.
"The YB (the colloquial term for an assemblyman) asked on an economic matter, the platform is not right, the one responsible for financial affairs should reply," he said but Law noted the chief minister can direct any Exco to answer on his behalf.
In another issue earlier, Rayer asked if the state was planning to setup a register where the names of those working with children in child care centres or kindergartens were kept.
He said the names in such a register could be checked against the police database for sexual offenders to ensure the safety and security of the children.
Penang Women, Family and Community Development, Youth and Sports Committee chairman Chong Eng in reply said there was no such register but noted parliamentarians have long called for a sexual offenders registry.
She called upon those in charge of such matters to hasten the process to set up the registry to enhance the protection of children.