The judgement against Albert Lee Kee Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd, obtained on 25 September 2008, ordered them to pay USD83 million, and any further amounts traced by the SC, for the purpose of compensating investors of the scam.

In addition, the defendants were restrained from carrying on the Swisscash business and acting as unlicensed fund managers and/or unlicensed investment advisers. They were also restrained from collecting funds for investments in any investment scheme or hosting any internet investment scheme websites.

This judgement is the culmination of two years of intensive efforts by the SC in pursuing the perpetrators of the Swisscash investment scam which involved cross-border investigations spanning seven countries to gather evidence and trace Swisscash monies.

Based on its investigative findings, the SC successfully obtained a worldwide Mareva injunction in June 2007 to prevent the defendants from disposing their assets in and outside Malaysia. A court order was also obtained in September 2007, directing one of the defendants to transfer RM35 million of Swisscash monies back to Malaysia. Since then, the SC has led a meeting of seven regulators to intensify cross-border cooperation and exchange of information on the Swisscash scam.

With this judgement, the SC will be able to work with its counterparts in other countries including Switzerland, Isle of Man, Jersey, Australia and Singapore to trace and repatriate Swisscash monies of approximately RM30 million known to be held overseas to satisfy the judgement. Eligible investors will be compensated once these monies have been successfully repatriated.

The judgement also enables the SC to take contempt proceedings against the defendants if they continue to conduct Swisscash activities or any other investment schemes.

This achievement disposes SC’s action against three of the four defendants named in the civil suit filed in June 2007. The fourth defendant, Amir Hassan, is still contesting the civil action.

Investors are again reminded that neither Swiss Mutual Fund nor Swisscash are licensed by the SC. Members of the public are advised to only invest with parties licensed by the SC to be accorded the protection provided under the securities laws. The list of companies and individuals licensed by the SC to engage in investment activity are available here.