ronnie,

If this investment scheme is not approved by Securities Commission, then it is not a legitimate scheme. If the trustee is not a registered body with Bank Negara, then it is not eligible to hold public money.

Trustee list that can be found at SC website.

For bond
http://www.sc.com.my/main.asp?pageid=269&m...=&linkid=&type=
For unit trust
http://www.sc.com.my/eng/html/resources/st...tees_June06.pdf

Er can't find My Premier Trustee (Malaysia) Bhd on those lists

so is this good to invest?

hmm...a red flag perhaps! what's their management track record of success in such schemes I wonder!!

LOL, and after all these discussion, u've got no clue?

The sifus has highlighted issues with this investment....

SSM doesnt have ANY POWER on investment vehicles and approval of such i think.
Check it out:
http://www.ssm.com.my/en/corporate_power.php

Thus, the company seems to be misleading the public - might as well say approved & regulated by ROC
"Mother's a woman"

This post has been edited by wongmunkeong: Aug 18 2011, 04:26 PM

Is a scam??

Hahah thats a nature of business.

anyway, anyone contact the company to find out more?

and all d noobies den come in and post one liner perhaps looking for post count anyway i dont think they even read d article.

Read inside and know this scheme is work under company act 1973 section 90.

http://www.ssm.com.my/acts/fscommand/a0125sc007.htm

What is this about?

SSM approve the company registration for what ever usage as long as it does not breach the company act. However, in order to have investment scheme that involve public funding, the company needs approval from securities commission and a trustee approved by bank negara.

SSM (Suruhanjaya Syarikat Malaysia) and SC (Securities Commission) are different thing la friend. One approve company registration only. One approve investment scheme.

For example, One can have the company nature of business approve by SSM (like importing drugs for medical usage), but in order to really import drugs for medical usage, one need license from MOH. So do you think as long as SSM approve the company i can really go and import drugs? Same to selling of commercial diesel, investment scheme etc. company.

Sifu from this thread, my explanation sounds good?

very clear to me. Make sense now. thanks for the explanation =)

If its not approved by the SC, no point to invest even with the SSM in hand..

SC controls investment related institutions and grands licenses to those people to collect deposits..

SSM is just a company issuing license commission..

Don't get confused of it.. ^^

Hmmm....
But those company registered under SC is investment type company. This company is IT type company.

This scheme is just like a corporate funding project or company bond. I think they not necessary register under SC, because it is just one time one project only.

As long as they complied the company act section 90, they are legal.

I heard many type of investment scheme same as them, like country heights oild palm in Kelantan, Nirwana memorial park, they are quite long and seem no problem until today.

Maybe this scheme is new and all sifu here not familiar it and object it.

Thats is my opinion.^^

Interest Scheme falls under under PART IV - SHARES, DEBENTURES AND CHARGES
DIVISION 5 - INTERESTS OTHER THAN SHARES, DEBENTURES, ETC under the Companies Act 1965 ("Division 5"). You may further refer to S84 of Companies Act 1965 [/COLOR] for the definition of "Interest" referred to in "Interest Scheme". Suruhanjaya Syarikat Malaysia ("SSM") is the regulatory body which regulates the above legislation.

In order for a company to offer interest for the subscription to public they must first fulfill the requirement set-forth by Division 5 as well as the Guidelines of SSM for the schemes (which can be found on their website). In short the above are basically mechanisms to ensure the protection of the investors who consist of the general pubic.

A Trust Company does not require to be registered under the Securities Commission for the simple reason as it does not fall under their jurisdiction but instead of SSM's as mentioned above. The requirement of the appointment of a Trustee is described under S87 of the Companies Act 1965 and the provisions of the Policy Guidelines respectively issued by SSM. The Trustee serves as a watchdog for SSM in monitoring and reporting any breaches to which a company offering interest may have committed.

As such, u should firstly get hold of the prospectus of ICT Zone which describes the terms of the said offering if you are interested. The excerpts and advertising materials are merely an invitation to treat.

Another tip is that SSM provides for the list of Approved Schemes in their website to ensure that the company you wish to invest in has legitimately registered its scheme.







This post has been edited by mintorox: Nov 16 2011, 09:45 PM

Spot on! Don't be naive and invest in this stupid company that is set up to fool the average citizens.

This post has been edited by MilesAndMore: Nov 16 2011, 11:06 PM

I agree with you about not being naive. Reading and understanding is of utmost importance. Therefore assuming that each and every company which conducts an Interest Scheme is stupid and is set up to fool average citizen is incorrect without firstly understand the concept and mechanism.

First and foremost find out who are the regulators for such investments. If it falls under SC, check their website to confirm that such investments has been approved. If it falls under SSM as in the above scenario, you can check their website to confirm whether it has been approved. Further example, if it falls under Co-operatives (Koperasi), you would refer to Suruhanjaya Koperasi Malaysia instead for such confirmation. If its under the Exchange Act then you would have to refer to Bank Negara and so on... That is how administration of law works. In layman terms, if there is a fire at your house, you will call the fireman. If there is a brawl outside your house, you will call the police. Same goes for regulators. It depends to which jurisdiction you fall under.

Please understand that SSM's powers and obligations are not restricted to just registrations of companies. They are a regulatory body as mentioned in my previous post to administer the Companies Act 1965 (in contrary to Security Commission which administer the Capital Market and Service Act 2007 which involves Bonds, Unit Trust, Reits etc. Please distinguish) . Under this legislation, it provides for the issuance of interest which can be offered to the public for subscription provided that it meets the requirement of the Act as well as the guideline of SSM.

For more informoation, you can contact SSM. You could even contact Ismail Sabri who is the Minister of Domestic Trade, Co-Operatives & Consumerism since SSM are under their directive.

All public mutual / unit trust fund are regulated by Security Commission, not SSM

What I can said here 200% not safe, just like gambling...

My Premier role under this Scheme are:-
Following under the Companies Act 1965 is to ensure that the rights and interests of members who participated in this scheme are safeguarded . MY Premier also ensures the management company /operator exercises due diligence in carrying out its duties as described in the Trust Deed in accordance with provisions of the Companies Act 1965 and various guidelines by Companies Commission of Malaysia issued from time to time. MY Premier carries out its obligations and duties as Trustee to preserve the interest of investors/members in accordance to the respective scheme structure approved Companies Commission of Malaysia or Suruhanjaya Syarikat Malaysia.

Same role as "Watchdog" & not as ICT Zone ventures claim in their website as Fund Management cause My Premier don't have authority (License From SC) to collect & invest public money.... so watch out here...

My point are here, refer ICT Zone claim below:-

1) All the funds received from the investors will be managed by My Premier Trustee (Malaysia) Bhd.

http://www.ictventure.com.my/index.php?opt...tpage&Itemid=28

2) A trustee company, My Premier Trustee (Malaysia) Berhad – approved by SSM, had been appointed to oversee the investment scheme.

http://www.ictventure.com.my/index.php?opt...d=48&Itemid=76..

Managed vs Oversee... are this 2 word carry same or difference meaning & responsibility...

Others - Funny thing inside MY Premier Trustee (M) BHD

Never seen/face/saw this before... PUAN SABRINA BINTI RUGAI she are 1 of Company Director but his just Manager in company management team where she are supposed to be an Executive Director or Chief Finance Officer....

Board of Director
http://www.mpt.com.my/board-of-directors.php

Management Team
http://www.mpt.com.my/key-management.php

This post has been edited by Oldskolboyz: Nov 18 2011, 10:04 AM