Thursday, April 15, 2010

Swisscash scam victims will not get full claims

KUALA LUMPUR: Victims of the Swisscash investment scam seeking monetary compensation are subjected to conditions approved by the High Court, said the Securities Commission (SC).

“As such, not every investor will be restituted, as the court requires some degree of proof of investment and proof of payment.

“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,” the SC said in a statement.

The commission has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd as the administrator to manage the compensation process.

The commission said those who had submitted their claims could visit the administrator’s website at and fill up their personal particulars.

They will then receive a notification via e-mail or SMS to confirm whether they are eligible or otherwise.

If they are eligible, they will receive their cheque in the post.

The SC had, on April 8, obtained the High Court’s approval on the eligibility criteria for the restitution to Swisscash investors.

The court order allowed the administrator of the Swisscash investment scam to give out payment to eligible investors from a pool of funds amounting to RM32.7mil.

The money was made available following a settlement entered into with two defendants in the scam, Albert Lee Kee Sien and Amir Hassan, on Nov 6, 2009.

The administrator had in January this year published an advertisement calling for claims to be submitted.

Following the advertisement, it 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 the court for approval. — Bernama

Source here.

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