Swisscash Investment Scam Settlement: FAQS - Regulatory FAQs

Swisscash Investment Scam Settlement: FAQS

What is the current status of the civil suit taken by SC against those involved in the Swisscash activities?
The SC has entered into consent judgment with Albert Lee and Amir Hassan on 6 November 2009 in which they have agreed to pay the SC in total a sum in excess of RM30 million which will be used to compensate investors.
What happens now? What steps will be taken now by SC?
Step 1: The SC will appoint an Administrator and will work with the Administrator to provide the court with a framework for the eligibility of claimants and the plan for distribution.
Step 2:Get the court order approving the framework
Step 3: The Administrator will manage the processing of claims which includes advertising for claims and deciding on the eligibility of investors.
Step 4:Eligible investors will be notified and payment will be made.
I only have photocopies of payment I have made to the Swisscash scheme. Can I still submit a claim?
Yes you may still submit your claim but that may not assure you of being successful in your claim.
What if I do not have proof of payments as I had handed over cash to an upliner?
You may not get your investments back as the payment has to be administered based on the strict criteria.
I helped to recruit others to join and invest in the scheme. Will I be eligible to get my money back?
One of the eligibility criteria in compensating investors is whether or not the investor was actively involved in recruiting others and therefore be considered as abetting the scheme. Any investor who was also involved in the scheme as a recruiter or an upliner would not be eligible to claim their money back.
What is the purpose of the appointment of an Administrator?
The Administrator will:
call for claims from all investors who have invested in the Swisscash scam and set out the minimum information required for purposes of processing of their claims and the deadline within which claims should be made. Investors should refer to the Notice issued by the Administrator on Wednesday, 27 January 2010 for these minimum requirements. For a copy of the Notice, please click here (link to Administrator’s website);
collate all claims;
assess and review the eligibility of claims made by investors;
make recommendations to the SC, on the appropriate eligibility criteria and distribution plan for payments to be made to Swisscash investors who have submitted claims, upon which the criteria will be submitted to the Court for its approval;
manage and effect payments to eligible investors who have submitted claims; based on the eligibility criteria as approved by the Court and
communicate with claimants on all aspects of their claims.
Who has been appointed as the Administrator?
PricewaterhouseCoopers Advisory Services Sdn Bhd (“the Administrator”) has been appointed as the Administrator to manage the restitution process to eligible investors in the Swisscash internet investment scam.
Now that the Administrator has been appointed, what happens next?
The Administrator will receive all claims within the 14 day period starting from 27 January 2010. Based on the claims received, the Administrator will make recommendations to the SC on the appropriate eligibility criteria for payments to be made
The SC will thereafter submit the eligibility criteria and distribution plan for the Court’s approval.
The Administrator will notify eligible claimants and effect payment to them based on the Court approved eligibility criteria and distribution plan.
What is the eligibility criteria?
The criteria will be announced upon the Court’s approval being obtained.
When will I know the outcome of my claim?
The SC will apply to the Court for approval of the eligibility criteria after 10 February 2010 which is the deadline for the submission of claims. We target for the first batch of payments to be made by the end of March 2010, after the Court’s approval is obtained.
Will I be informed whether my claim is successful or not?
Yes, the Administrator will publish the list of eligible investors on their website after the eligibility criteria has been approved by Court.

No record found.