Investors up in arms after fall of MBI
NATION
GEORGE TOWN: Monday night’s bomb scare at a double-storey terrace house in Penang is the latest trouble to hit money game operator MBI, which was once dubbed the darling of investment scheme in the country.
Just last month, over 100 Chinese nationals who claimed to have lost their savings staged a peaceful protest near China’s Embassy in Kuala Lumpur.
Armed with banners, they urged the Chinese government to help them recover the hundreds of million ringgit they had invested in MBI International Holdings, a Penang-based company blacklisted by Bank Negara Malaysia.
The protesters also demanded that the Malaysian authorities assist in the investigations and allow them to meet the relevant parties to settle the dispute.
And on Monday, three Chinese nationals went to MBI founder Tedy Teow’s house to seek the money they had invested in the “failed” scheme.
When Tedy’s son Adrian told them that his father was not at home and that the family was not involved in the money game, they responded by dropping fake bombs.
It is also understood that a group of Chinese nationals had also waited for Tedy at the Jerejak Island Resort when they heard he was attending a launch there a few months ago, but he did not turn up for the event.
Last year, MBI and Tedy were fined RM2.5mil and RM3mil respectively for issuing a payment instrument without the approval of Bank Negara.
The authorities also froze 91 bank accounts with RM177mil linked to MBI Group International then.
Bank Negara had flagged the company for allegedly operating a dubious financial scheme.
At the height of its glory, MBI had several projects in Penang, including a mall for members to convert their virtual coins to loyalty points to purchase goods such as groceries, household appliances and even cars.
The company also has several housing projects in Bayan Lepas near the Penang International Airport, hotels, e-hailing services and Taman MBI Desaku in
Kulim, Kedah.
According to a driver of an e-hailing service company, the number of Chinese MBI investors coming to Penang for holidays has dropped significantly since last year.
“They would come to Penang to stay and engage our services to go to Kulim for the MBI investors’ meeting. Over the past 12 months, the number has dropped by more than 90%.
“Previously, the founder was looked upon like a celebrity. Now investors cursed him whenever the topic of money game pops up,” he said.
Attempts to contact MBI for comments were unsuccessful.
Read more at https://www.thestar.com.my/news/nation/2019/11/06/investors-up-in-arms-after-fall-of-mbi#xMAuWSLFVOCcuFlJ.99
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