Kuala Lumpur, 15 April 2010
Swisscash: Court approves criteria for restitution
The Securities Commission Malaysia (SC) has obtained the High Court’s approval on the eligibility criteria for the restitution of Swisscash investors.
The order, which was made by Justice Dato’ Abdul Aziz bin Abdul Rahim at the Kuala Lumpur High Court, allows the Administrator of the Swisscash investment scam to effect payment to eligible investors from a pool of funds amounting to RM32.7 million.
The pool of funds is made available following a settlement entered into with two defendants in the Swisscash investment scam , Albert Lee Kee Sien and Amir Hassan, on 6 November 2009.
PricewaterhouseCoopers Advisory Services Sdn Bhd, the Administrator appointed by the SC to manage the restitution process, had in January this year published an advertisement calling for claims to be submitted.
Following the advertisement, the Administrator had received and processed close to 24,000 claims. The Administrator had also assisted the SC in determining the eligibility criteria for investors which was then submitted by the SC to the Court for approval. The Administrator will make payments to eligible investors from today.
The SC wishes to remind investors that their claims are subject to the criteria for restitution as approved by the Court. As such, not every investor will be restituted as the criteria which the Court has endorsed requires some degree of proof of investment and proof of payment for an investor to be eligible for payout. Moreover, as the available funds are limited and smaller than the total amount of claims received, eligible investors will not be getting their claims in full.
Those who had submitted their claims can visit the Administrator’s website later today at http://www.administrator-swisscash.com.my/ and fill up their personal particulars. They will then receive a notification via e-mail or SMS to confirm whether they are eligible or not. If they are eligible, they will receive their cheque in the post.
The Application and Affidavit in support of the application for the eligibility criteria can be viewed here.
SECURITIES COMMISSION MALAYSIA