Warning From Securities Commission of
Malaysia
Dear Sir,
We refer to your complaint regarding Sunshine Empire. We wish to
inform you that Sunshine Empire is not an entity licensed by the
Securities Commission (?SC " ) of Malaysia. Individuals or
organisations engaged in the securities or futures industry in
Malaysia come under the regulatory oversight of the SC and must be
licensed by the SC for any activities involving dealing in
securities or futures or providing investment advice or fund
management services related to securities or future. Investment
schemes offered to the Malaysian public involving securities or
futures and options that are operated by unlicensed entities would
be in breach of the law. The SC will take action if any person/s
are found to be in breach of securities laws. For details on
entities licensed by the SC you may wish to refer to our website at
www.sc.com.my.
We have also verified the status of Sunshine Empire with the
Ministry of Domestic Trade and Consumer Affairs, and have been
informed that no license has been issued to Sunshine Empire to
carry out multi-level marketing activities in Malaysia.
We would appreciate it, if you could provide us with more details
of the nature of the investment opportunity offered to you
including any documentation or information you may have received
from the company to facilitate further review of the matter.
We look forward to you reply soonest. Thank you.
Yours sincerely,
Securities Commission
Investor Affairs & Complaints
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News from Oriental Daily News - Translate
Version
(Kuala Lumpur, on the 13th) - Securities Commission (SC) and the
National Bank (BNM) while repeatedly reminded the public not to be
approved investment in the absence of the high investment returns,
but such investment company continues active. At present, under the
"need vigilance," the number of companies it had reached 68.
According to the Securities Commission to provide oversight to the
latest data suggests that there is no access to the Commission and
the National Bank approval to the sale of securities or to provide
investment advice and fund management companies or among several
website, as many as 68, and Sunshine Empire is the latest of which
was included in the name.
Several readers also provide information to this newspaper that a
company called Sunshine Empire to provide substantial returns
dollar investment plan. The sale of the company bought three kinds
of ancillary sell fiery, dramatic increase in the number of
members, are among investors mostly ethnic Chinese.
Securities Commission accept the "Oriental Daily News" inquiry,
pointed out that the Sunshine Empire no operating license fund
management or investment advisory services. By promoting public
investment companies before identifying the background. Securities
Commission spokesman said that in the absence of licenses available
to the public under the securities or futures investment company,
is in conflict with the Securities Act at all.
This pyramid schemes claiming to be the transnational companies in
Malaysia to set up nearly one year to members of pyramid investment
to the supremacy of charge from 600 million ringgit of ringgit
funds, and then regular monthly cash distribution to the members
and agreed to 10 months "to the" can be described as
lucrative.
The National Banking and Securities Commission unanimously denied a
license to the company by pyramid schemes, pyramid schemes and said
that the company is monitoring the activities and mode of
operation; The Domestic Trade and Consumer Affairs Ministry said,
the company only to companies registered with no direct access to
operating licenses MLM business.
On the other hand, as a central bank Monetary Authority of
Singapore (MAS), also means the company has not received license
approval. The Monetary Authority of Singapore has been on the
website, to the company as investors need to be wary of companies.
Malaysian National Bank spokesman clarified that the country will
not permit this to the company, allowing the company to collect
deposits Member (deposit taking), the trip has been an
investigation on the matter, currently overseeing the company's
operations and activities. "Member companies taking deposits, the
country should apply for a license, but they did not do so."
He said that to investors or members of illegal taking deposits,
consistent with 1989 banks and financial institutions Act 25 (1)
the provision. As countries, the process is still collecting
information at this stage-country trip only issued warnings, urged
investors to stay away from these investment company. Under
existing law, once convicted, is liable to imprisonment of up to 10
years or a fine of 10 million ringgit, or both.
