Investors in the nation’s largest gold invest scheme today urged Bank Negara Malaysia (BNM) to compel the company’s director Chong Yuk Ming to refund their monies. More than 6,700 people who had invested RM411 million in the scheme are demanding that BNM and Bestino return their investments.
Saraswathy, who leads Bestino Action Committee, said this after a meeting with the central bank’s assistant governor Abu Hassan Alshari Yahaya.
Bestino, which is based in Ipoh, stopped taking in investments after BNM raided the company for illegal deposit-taking activities last year. Four of its directors were charged in the Sessions Court in Ipoh on Feb 23, 2011, with illegal deposit taking under section 25(1) of the Banking and Financial Institutions Act 1989 and section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.
Chong, on Feb 13, told the media that the Bestino was prepared to return the money to the investors on April 30, provided BNM gave its approval. Following the statement, BNM issued an official clarification, saying Bestino need not wait for a green light from it and the company could go ahead and refund investors their money.
They also urged Chong to show the proof of the US$146 million (RM438 million), he claimed was in HSBC Bank in Hong Kong and which will be used to refund investors.
Chong declined, and said that BNM clarification on their website cannot be taken as an official approval to bring in the money into Malaysia.
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