MBI, Mface investors unperturbed by Bank Negara financial consumer alert list

23 May 2017 / 17:59 H.

GEORGE TOWN: Investors of the popular financial scheme by MBI International Sdn Bhd and Mface International Sdn Bhd remain unperturbed even though the two have been listed under the Bank Negara Malaysia (BNM) financial consumer alert list.
Those theSun spoke to were unfazed over the recent development and remain calm despite a recent crackdown by the authorities on high yield financial schemes, or money game, in the country.
Loh Keng Peng, 45, said he was confident of the businesses after investing some tens of thousands of ringgit a few years ago.
In exchange, he said he has been given redemption credits to buy goods at retailers who accept such credits.
“I trust the company and will stick to it, it is one of the famous establishment,” he said when met.
Another investor, Goh, 39, said the schemes by the two were unlike the troubled JJPTR but declined to elaborate.
“Anyway, I hope the company will furnish more information on what is happening,” he added.
Another investor, Yang Qing, 34, from Tianjin in China, said she was not aware of the two companies being put on the alert list as she was not familiar with Malaysian law.
theSun learned investors get virtual coins with a US$5,000 (RM22,500) investment at an exchange rate of RM4.50 per USD.
Investors can then use the virtual currency to redeem goods and services at outlets which accept the currency.
Checks at a mall, believed to be a subsidiary of one of the companies, in Datuk Keramat showed businesses as usual.
Many were seen patronising the shops within the mall while some of the traders theSun spoke too said they were not aware the two companies were placed in the alert list.
The placement of the two entities inside the alert list comes into effect on May 22 for unlicensed activities.
According to the website, the list of companies and websites are neither authorised nor approved under the relevant laws and regulations administered by BNM.
To date there are 302 companies listed and the list can be found at http://www.bnm.gov.my/index.php?ch=en_financialconsumeralert.


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