BREAKING NEWS

Investors involved in the Swisscash investment scam will be awarded US$83 million in total, the Securities Commission said Sunday.
The commission obtained a landmark High Court judgment on Sept 25 against three defendants — Albert Lee Kee Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd. - involved in the investment scam. The defendants have been ordered to pay the sum and any further amounts traced by the SC, to compensate investors of the scam. They have also been restrained from carrying on the Swisscash business, acting as unlicensed fund managers and/or investment advisers, from collecting investment funds for any investment scheme or hosting any Internet in vestment scheme websites. If they fail to comply, the SC can take contempt proceedings against them.
“This judgement is the culmination of two years of intensive efforts by the SC in pursuing the perpetrators which involved cross-border investigations spanning seven countries to gather evidence and trace Swisscash monies,” the SC said in a statement. The regulator had successfully obtained a worldwide Mareva injunction in June 2007 to prevent the defendants from disposing of 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.

http://www.nst.com.my/Current_News/NST/Sunday/Frontpage/20080929055305/Article