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> Fei Fei Crab crowdfunding/investment (Investment)

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TSWaCKy-Angel
post May 24 2019, 10:46 PM, updated 6 months ago

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Sorry if already have an existing discussion please point it to me. Tried to search but not found.

Anyone attended their investment talk? Mind to share how it works?
Saw at fb says can get 12% interest? Sounds too good to be true?

I've eaten at their restaurant before and joined their eatflix member whereby you pay double price of the bill and get back the amount as credit which you can use in the future (and current bill is consider free)
This too i have abit doubt how they can last..

user posted image
Boomwick
post May 24 2019, 11:18 PM

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So for 5k a lot

Wad do u get?

Eat crab and crab ? And get company shares?
[Ancient]-XinG-
post May 24 2019, 11:21 PM

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1. Crowd fund in FB.
2. Too good to be true.
3. GUARANTEE
4. Does crowd fund run on LOT base?
5. Reason of fund?
6. Uses of fund?
7. Previously need x amount now only need x amounts.

**Last line. They going to public soon. What's does that mean?

Listings soon? IPO?

This post has been edited by [Ancient]-XinG-: May 24 2019, 11:24 PM
T231H
post May 24 2019, 11:26 PM

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cannot seems to get more from "READ MORE"...
https://www.crowdplus.asia/investment.php?f=0
TSWaCKy-Angel
post May 24 2019, 11:30 PM

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QUOTE(Ancient-XinG- @ May 24 2019, 11:21 PM)
1. Crowd fund in FB.
2. Too good to be true.
3. GUARANTEE
4. Does crowd fund run on LOT base?
5. Reason of fund?
6. Uses of fund?
7. Previously need x amount now only need x amounts.

**Last line. They going to public soon. What's does that mean?

Listings soon? IPO?
*
Thats why im curious and wondering how they can sustain.

Noone attended their talk yet? I got invitation as im their eatflixs member.

Anyone checked they got license for crowdfunding?
loki
post May 24 2019, 11:30 PM

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so everyone forgotten about the "buy a piece of the infamous roti canai franchise" scam?



This post has been edited by loki: May 25 2019, 04:54 PM
Boomwick
post May 24 2019, 11:31 PM

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30k then 5k now while too good to be true...

Lately a lot of company upfront promising alot of return and etc.. and can tell loudly got lawyer sign agreement.

But little known to most layman investor that there afe still loopholes tat protect the company despite giving a 12% roi...

When they default and dun pay, and when u go to court, then only u know agreement is loopsided.

PrincZe
post May 25 2019, 12:12 AM

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Wut fei fei crab also want to do guaranteed return?

Fnb is profit business. Don't think they would really need your money
Jordy
post May 25 2019, 12:05 PM

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QUOTE(WaCKy-Angel @ May 24 2019, 10:46 PM)
Sorry if already have an existing discussion please point it to me. Tried to search but not found.

Anyone attended their investment talk? Mind to share how it works?
Saw at fb says can get 12% interest? Sounds too good to be true?

I've eaten at their restaurant before and joined their eatflix member whereby you pay double price of the bill and get back the amount as credit which you can use in the future (and current bill is consider free)
This too i have abit doubt how they can last..

user posted image
*
I LOL'ed at the last line that reads "Once the funds are raised, we're closing and that's it. OVER." which sarcastically does sound an alarm in my scam-radar doh.gif
I remembered agents trying to entice me to join STG back in 2008-ish and then my own uncle also enticed me to join IRC around the same period. Both closed down after just a few months in operation and boss zhao lou.
Their modus operandi are all the same, after raking in enough money, then they close business. It is a fast way for them to raise a large amount of money in a short time.
NightHeart
post May 25 2019, 01:00 PM

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QUOTE(PrincZe @ May 25 2019, 12:12 AM)
Wut fei fei crab also want to do guaranteed return?

Fnb is profit business. Don't think they would really need your money
*
No wonder every tom dick & harry wants to open a Fnb laugh.gif
honsiong
post May 25 2019, 04:51 PM

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Guaranteed returns?

RUN
TOMEI-R
post May 25 2019, 06:02 PM

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I stopped reading at "Guaranteed 12% Returns". These guys are just using a popular establishment's name to rake in the funds. No reason given for the need for funding ie, opening up more branches, expanding etc.

"Opportunity to get Crab Credits so that you can eat crabs who year long?"

I thought this was an investment?

This post has been edited by TOMEI-R: May 25 2019, 06:03 PM
anakkk
post May 25 2019, 06:12 PM

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sounds like scam like the steven corner and red island cafe case few years back lol
jorgsacul
post May 25 2019, 07:52 PM

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Simply whack
Big business want to go ace market also hard
Losing money now want cash out guy la
alexkos
post May 25 2019, 10:04 PM

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WAH...GUARANTEE....FAST PM...

too good to be true....invest with caution
alexkos
post May 25 2019, 10:06 PM

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my logic

1) deal too gooding, yet ask too less money per investor
2) better get angel investor coz 12% very gooding for them
3) why small amount per investor? hmm...
4) if they chaplap, what guarantee also no use
5) track record financial statements got or not?
6) how many outlets?
7) google restaurant review mane?
8) CEO siapa, cook siapa, compare crab restaurant ROI across market check
lakini80
post May 25 2019, 10:10 PM

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Do you all remember Steven Tea Garden?
aurora97
post May 25 2019, 10:32 PM

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QUOTE(WaCKy-Angel @ May 24 2019, 10:46 PM)
Sorry if already have an existing discussion please point it to me. Tried to search but not found.

Anyone attended their investment talk? Mind to share how it works?
Saw at fb says can get 12% interest? Sounds too good to be true?

I've eaten at their restaurant before and joined their eatflix member whereby you pay double price of the bill and get back the amount as credit which you can use in the future (and current bill is consider free)
This too i have abit doubt how they can last..

user posted image
*
Crowdfunding is a regulated activity under the Securities Commission Malaysia's purview. There is also a requirement for registration. If this activity isn't registered, the provider will get into hot soup with Securities Commission Malaysia.


kuladruw
post May 25 2019, 11:41 PM

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QUOTE(aurora97 @ May 25 2019, 10:32 PM)
Crowdfunding is a regulated activity under the Securities Commission Malaysia's purview. There is also a requirement for registration. If this activity isn't registered, the provider will get into hot soup with Securities Commission Malaysia.
*
if they are genuine business owner, use the legal crowdfunding platform. here https://www.sc.com.my/development/digital/l...arket-operators

most of the time dont need to haggling at public forum, ask people to invest. which is actually illegal,
but ask public invest via licensed crowdfunding platform is okay, because money is held in a bank trustee account, money dont give direct to business owner
YS3nsatiOn
post May 26 2019, 12:11 AM

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Sounds too good to be true to me as well. I definitely won't invest in this.
aurora97
post May 26 2019, 12:13 AM

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QUOTE(kuladruw @ May 25 2019, 11:41 PM)
if they are genuine business owner, use the legal crowdfunding platform. here https://www.sc.com.my/development/digital/l...arket-operators

most of the time dont need to haggling at public forum, ask people to invest. which is actually illegal,
but ask public invest via licensed crowdfunding platform is okay, because money is held in a bank trustee account, money dont give direct to business owner
*
Agreed thumbsup.gif
TSWaCKy-Angel
post May 28 2019, 09:32 AM

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QUOTE(aurora97 @ May 25 2019, 10:32 PM)
Crowdfunding is a regulated activity under the Securities Commission Malaysia's purview. There is also a requirement for registration. If this activity isn't registered, the provider will get into hot soup with Securities Commission Malaysia.
*
Yup i was curious too whether they have license or not.
But its been going on for quite some time already, im surprise not many ppl knows about it.


Oh btw they are crowdfunding thru this company https://www.crowdplus.asia/

This post has been edited by WaCKy-Angel: May 28 2019, 09:37 AM
TSWaCKy-Angel
post May 28 2019, 09:38 AM

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QUOTE(kuladruw @ May 25 2019, 11:41 PM)
if they are genuine business owner, use the legal crowdfunding platform. here https://www.sc.com.my/development/digital/l...arket-operators

most of the time dont need to haggling at public forum, ask people to invest. which is actually illegal,
but ask public invest via licensed crowdfunding platform is okay, because money is held in a bank trustee account, money dont give direct to business owner
*
They are crowdfunding thru this company, which is listed in the website above.


You may refer to their FB post here.
https://www.facebook.com/SignatureFeiFeiCra...8377?__tn__=K-R



If anyone joined and/or can confirm its really legal and not too high risk then i might join
MUM
post May 28 2019, 09:44 AM

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QUOTE(aurora97 @ May 25 2019, 10:32 PM)
Crowdfunding is a regulated activity under the Securities Commission Malaysia's purview. There is also a requirement for registration. If this activity isn't registered, the provider will get into hot soup with Securities Commission Malaysia.
*
yes, just like the money games operators that had been operating now and then....they don't seems to be bothered with those licenses....
as long as "investors" kept coming, a new one will be established and a new scheme may also be introduced....

hmm.gif how many had been charged severely enough to deter others?
hmm.gif how many had been rapidly caught and punished to deter others?
hmm.gif how many had their losses severely enough to jump from high building?

as long as human can forgets, as long as the chances of rapidly been caught and severity of the punishment is not there, these operators will keep on opening up now one......

This post has been edited by MUM: May 28 2019, 09:52 AM
[Ancient]-XinG-
post May 28 2019, 10:15 AM

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QUOTE(WaCKy-Angel @ May 28 2019, 09:38 AM)
They are crowdfunding thru this company, which is listed in the website above.
You may refer to their FB post here.
https://www.facebook.com/SignatureFeiFeiCra...8377?__tn__=K-R
If anyone joined and/or can confirm its really legal and not too high risk then i might join
*
We say P2P is really high risk. Very risky investment.

ECF is higher risk then p2p.

You can figure it out. Heck.

I would say Leong hup is better than this. Even LH is shit to begin with.


yklooi
post May 28 2019, 10:34 AM

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QUOTE(WaCKy-Angel @ May 28 2019, 09:32 AM)
Yup i was curious too whether they have license or not.
But its been going on for quite some time already, im surprise not many ppl knows about it.
Oh btw they are crowdfunding thru this company https://www.crowdplus.asia/
*
hmm.gif maybe because it is still not yet live....

clicked on that link....after clicked on "Interested"...there is a pop up window that said it is still not live....
TSWaCKy-Angel
post May 28 2019, 10:39 AM

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QUOTE(Ancient-XinG- @ May 28 2019, 10:15 AM)
We say P2P is really high risk. Very risky investment.

ECF is higher risk then p2p.

You can figure it out. Heck.

I would say Leong hup is better than this. Even LH is shit to begin with.
*
I thought there are a few P2P out there like fundmyhome or fundsupermart or something? also high risk?

QUOTE(yklooi @ May 28 2019, 10:34 AM)
hmm.gif maybe because it is still not yet live....

clicked on that link....after clicked on "Interested"...there is a pop up window that said it is still not live....
*
I was wondering that too. but Fei Fei Crab has been inviting investors to their shop to hear their proposal
aurora97
post May 28 2019, 10:39 AM

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QUOTE(WaCKy-Angel @ May 28 2019, 09:32 AM)
Yup i was curious too whether they have license or not.
But its been going on for quite some time already, im surprise not many ppl knows about it.
Oh btw they are crowdfunding thru this company https://www.crowdplus.asia/
*
How SC works is simple.

1. Adequate disclosure. Means this is through documents. (Whatbis the goal, objective, risk, returns etc...)
2. Licensing. This where operators are license can carry out a regulated activity.

Why they do the above?
1. To protect investor.
2. If the operator mislead investors, SC can sanction the operator.

Funny thing is, even though FeiFei is on the platform you mention, they have yet to list the details of their investment plan but they have promoted it on FB.

QUOTE(MUM @ May 28 2019, 09:44 AM)
yes, just like the money games operators that had been operating now and then....they don't seems to be bothered with those licenses....
as long as "investors" kept coming, a new one will be established and a new scheme may also be introduced....

hmm.gif how many had been charged severely enough to deter others?
hmm.gif how many had been rapidly caught and punished to deter others?
hmm.gif how many had their losses severely enough to jump from high building?

as long as human can forgets, as long as the chances of rapidly been caught and severity of the punishment is not there, these operators will keep on opening up now one......
*
There are people operating either in the grey area or below the radar of authorities.

These ppl who lose money on a bad/scam investment or authorities start cracking down on such investment scams and freeze all the monies(example Geneva Gold), those ppl are gonna get burnt so hard.

Go do some research or google searchlar, get educated.

If you think its legit, by all means go ahead. We can still agree to disagree.

This post has been edited by aurora97: May 28 2019, 10:41 AM
yklooi
post May 28 2019, 10:42 AM

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QUOTE(WaCKy-Angel @ May 28 2019, 10:39 AM)
......
I was wondering that too. but Fei Fei Crab has been inviting investors to their shop to hear their proposal
*
waiting for approval or gauging the initial responses?
[Ancient]-XinG-
post May 28 2019, 11:11 AM

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QUOTE(WaCKy-Angel @ May 28 2019, 10:39 AM)
I thought there are a few P2P out there like fundmyhome or fundsupermart or something? also high risk?
I was wondering that too. but Fei Fei Crab has been inviting investors to their shop to hear their proposal
*
Yes. The risk here is DEFAULT.

In fei fei crab case, we need to know why they need this money.

You know sparkliang cases?

Yes, one of the troubled ECF and now investors money all in sea water.


indahr39
post May 29 2019, 11:42 AM

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this one seems too good to be true.... risk is there on losing all our hard earned money...
CyrusC
post Jun 12 2019, 06:27 PM

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QUOTE(lakini80 @ May 25 2019, 10:10 PM)
Do you all remember Steven Tea Garden?
*
Newbie here. I am considering to invest Fei Fei Crab. Please share story of Steven Tea Garden.

[Ancient]-XinG-
post Jun 12 2019, 06:33 PM

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QUOTE(CyrusC @ Jun 12 2019, 06:27 PM)
Newbie here. I am considering to invest Fei Fei Crab. Please share story of Steven Tea Garden.
*
Maybe you can invest FFC then tell us the story.
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post Jun 13 2019, 11:02 AM

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Sound like owner in huge gambling debts.

v1n0d
post Jun 13 2019, 11:04 AM

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Malaysians mudah lupa, eh? There was a cafe that did this many years back - it ended up being a con and investors lost all their money.

P.S. Don't ask me the name, Google is your friend. smile.gif
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post Jun 13 2019, 01:04 PM

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Since they already an established company, they can go through FSM and get funding. But FSM need to see their books. I'm guessing they don't want to do that. Hence going to ECF instead.
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post Jun 13 2019, 01:17 PM

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Even durian investment nowadays use same method to gather funds.

Invest only the money u can lose.
CyrusC
post Jun 21 2019, 10:48 PM

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Fat Fat Crab now listed in Crowdplus.asia. Seems like the company only include 2 outlets, Kuchai Lama and Taman Desa only. Below is the investment package:
user posted image
Jordy
post Jun 22 2019, 10:12 AM

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QUOTE(CyrusC @ Jun 21 2019, 10:48 PM)
Fat Fat Crab now listed in Crowdplus.asia. Seems like the company only include 2 outlets, Kuchai Lama and Taman Desa only. Below is the investment package:
user posted image
*
Caveat emptor:

» Click to show Spoiler - click again to hide... «


Company Name: FFC 1 Sdn Bhd
Date of Incorporation: 4 April 2019

1. Why the need to incorporate a new company? I have not checked the paid-up capital of this new company, but that is not important.
2. I don't know how CP.Asia performs their due diligence. Do they require a corporate guarantor for such a new company?
3. I have checked and aware that FFC is incorporating other new companies (with the list below). They may be liquidating the assets from their main company by injecting 1 restaurant into each entity.
4. It could eventually be a money-game just like the previous Steven's Tea Garden scam.

List of incorporated companies under FFC brand (all of them were recently registered in May 2019):

FFC (KLANG) SDN BHD [1325093-P]
FFC (PUCHONG) SDN BHD [1325090-V]
FFC (YULEK) SDN BHD [1323386-V]
FFC 1 SDN BHD [1320779-A]
FFC 10 SDN BHD [1327455-D]
FFC 3 SDN BHD [1325787-P]
FFC 4 SDN BHD [1326185-W]
FFC 5 SDN BHD [1325596-H]
FFC 6 SDN BHD [1326670-T]
FFC 7 SDN BHD [1327192-K]
FFC 8 SDN BHD [1327505-D]
yklooi
post Jun 22 2019, 10:17 AM

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QUOTE(Jordy @ Jun 22 2019, 10:12 AM)
Caveat emptor:

...........
*
wow....nice research you got there.
Thanks.... thumbup.gif thumbsup.gif
notworthy.gif notworthy.gif
Jordy
post Jun 22 2019, 10:30 AM

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QUOTE(yklooi @ Jun 22 2019, 10:17 AM)
wow....nice research you got there.
Thanks.... thumbup.gif  thumbsup.gif
notworthy.gif  notworthy.gif
*
This is just research on the surface. Could have done more in-depth research into it if I plan to go into this "investment".
Not going to waste my time researching deep into something I'm not interested in doing.
ikanbilis
post Jun 22 2019, 12:45 PM

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Credits and vouchers can only be used at 5 outlets in Klang Valley. This is useless for outstation investors like Penang and JB.
CyrusC
post Jun 22 2019, 01:19 PM

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QUOTE(Jordy @ Jun 22 2019, 10:30 AM)
This is just research on the surface. Could have done more in-depth research into it if I plan to go into this "investment".
Not going to waste my time researching deep into something I'm not interested in doing.
*
Are you private investigator? Feel free to research more so potential investors can make better decision.

Jordy
post Jun 22 2019, 04:21 PM

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QUOTE(CyrusC @ Jun 22 2019, 01:19 PM)
Are you private investigator? Feel free to research more so potential investors can make better decision.
*
Don't have to be a PI to obtain these information. They can be bought. And I am not going to pay for information which I won't be utilizing.
ikanbilis
post Jun 25 2019, 03:22 PM

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QUOTE(Jordy @ Jun 22 2019, 10:12 AM)
Caveat emptor:

» Click to show Spoiler - click again to hide... «


Company Name: FFC 1 Sdn Bhd
Date of Incorporation: 4 April 2019

1. Why the need to incorporate a new company? I have not checked the paid-up capital of this new company, but that is not important.
2. I don't know how CP.Asia performs their due diligence. Do they require a corporate guarantor for such a new company?
3. I have checked and aware that FFC is incorporating other new companies (with the list below). They may be liquidating the assets from their main company by injecting 1 restaurant into each entity.
4. It could eventually be a money-game just like the previous Steven's Tea Garden scam.

List of incorporated companies under FFC brand (all of them were recently registered in May 2019):

FFC (KLANG) SDN BHD [1325093-P]
FFC (PUCHONG) SDN BHD [1325090-V]
FFC (YULEK) SDN BHD [1323386-V]
FFC 1 SDN BHD [1320779-A]
FFC 10 SDN BHD [1327455-D]
FFC 3 SDN BHD [1325787-P]
FFC 4 SDN BHD [1326185-W]
FFC 5 SDN BHD [1325596-H]
FFC 6 SDN BHD [1326670-T]
FFC 7 SDN BHD [1327192-K]
FFC 8 SDN BHD [1327505-D]
*
You are right. Today i got an whatsapp message from FFC that they will be launching FFC2 with another 2 outlets. I believe eventually all their outlets would funded this way.

By the way i check their funding for FFC1 is above 60% now. Seems like a lot of people have confidence in this fund raising by FFC.

yklooi
post Jun 25 2019, 05:58 PM

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QUOTE(ikanbilis @ Jun 25 2019, 03:22 PM)
You are right. Today i got an whatsapp message from FFC that they will be launching FFC2 with another 2 outlets. I believe eventually all their outlets would funded this way.

By the way i check their funding for FFC1 is above 60% now. Seems like a lot of people have confidence in this fund raising by FFC.
*
hmm.gif what is the estimated fund need per outlet?
500K?
if 60% of 500k then about 300K

min 3k per person thus about 100 investors already....
(1 outlet 10 workers thus 10 outlets would be 100 investors already)

This post has been edited by yklooi: Jun 25 2019, 06:00 PM
ikanbilis
post Jun 25 2019, 06:13 PM

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QUOTE(yklooi @ Jun 25 2019, 05:58 PM)
hmm.gif what is the estimated fund need per outlet?
500K?
if 60% of 500k then about 300K

min 3k per person thus about 100 investors already....
(1 outlet 10 workers thus 10 outlets would be 100 investors already)
*
Their first FFC1 is to raise rm800k to rm1.2m. Just 4 days they have raised rm530k. I think they would be able to raise till max rm1.2m as there are 26 more days to go.

Imagine how much they will raise with FFC2, 3, 4 and so on. If ever the outlets are not doing well in future, they already transfer all risks to investors. What a brilliant idea by the owner of FFC!
-CoupeFanatic-
post Jun 26 2019, 12:38 PM

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wah 800k target on Crowdplus.asia, now hit 111%. oversold some more

their "investment plan" really looks like money game eh, run run run
TSWaCKy-Angel
post Jun 26 2019, 01:48 PM

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QUOTE(-CoupeFanatic- @ Jun 26 2019, 12:38 PM)
wah 800k target on Crowdplus.asia, now hit 111%. oversold some more

their "investment plan" really looks like money game eh, run run run
*
maybe a way for them to wash money?

Their business is very good i dont think will bankrupt.
ikanbilis
post Jul 2 2019, 09:46 PM

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QUOTE(-CoupeFanatic- @ Jun 26 2019, 12:38 PM)
wah 800k target on Crowdplus.asia, now hit 111%. oversold some more

their "investment plan" really looks like money game eh, run run run
*
Today has hit 160% oversold. Previously the max target is RM1.2m. Now the max target has been increased to RM1.5m.

Are they allowed to increased the max limit indefinitely? What happens when RM1.5m is hit? Increased to RM2m again?


Jordy
post Jul 3 2019, 11:09 AM

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QUOTE(WaCKy-Angel @ Jun 26 2019, 01:48 PM)
maybe a way for them to wash money?

Their business is very good i dont think will bankrupt.
*
Their main business will definitely not gulung tikar, but one is investing in its subsidiary companies now. It could be an empty shell company that people are investing into, which promises to take over the outlets from the owner once the funding is closed. The question is, why do they need to go through the hassle of setting up more than 10 subsidiary companies and restructure the whole company by breaking them down, for an investment plan which is merely valid for only 3 years? They could've allowed investors to buy into their main business that owns all the outlets, and then buy-back the investment 3 years later at the agreed return rate.

Remember Steven's Tea Garden (the subsidiary company of the so-called famous Steven's Corner) which invited the public to invest into its new revamped business? If my memory served me well, the business did not even last for a year, and I don't know of the story thereafter.

QUOTE(ikanbilis @ Jul 2 2019, 09:46 PM)
Today has hit 160% oversold. Previously the max target is RM1.2m. Now the max target has been increased to RM1.5m.

Are they allowed to increased the max limit indefinitely? What happens when RM1.5m is hit? Increased to RM2m again?
*
The more the merrier, as they say. It is supposedly to be an "equity crowdfunding", so there should be equity stake attached to the amount being raised. As long as they have more equity to sell, they could increase the amount to be crowdfunded.
TSWaCKy-Angel
post Jul 3 2019, 11:24 AM

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QUOTE(Jordy @ Jul 3 2019, 11:09 AM)
Their main business will definitely not gulung tikar, but one is investing in its subsidiary companies now. It could be an empty shell company that people are investing into, which promises to take over the outlets from the owner once the funding is closed. The question is, why do they need to go through the hassle of setting up more than 10 subsidiary companies and restructure the whole company by breaking them down, for an investment plan which is merely valid for only 3 years? They could've allowed investors to buy into their main business that owns all the outlets, and then buy-back the investment 3 years later at the agreed return rate.

Remember Steven's Tea Garden (the subsidiary company of the so-called famous Steven's Corner) which invited the public to invest into its new revamped business? If my memory served me well, the business did not even last for a year, and I don't know of the story thereafter.
The more the merrier, as they say. It is supposedly to be an "equity crowdfunding", so there should be equity stake attached to the amount being raised. As long as they have more equity to sell, they could increase the amount to be crowdfunded.
*
I dont know know Steven story either.
But regardless subsidiary or not, the owner is the owner doesnt he/she worry ppl will do something to them?
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post Jul 3 2019, 11:29 AM

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QUOTE(WaCKy-Angel @ Jul 3 2019, 11:24 AM)
I dont know know Steven story either.
But regardless subsidiary or not, the owner is the owner doesnt he/she worry ppl will do something to them?
*
Do what to them? For example? Hiring thugs to harass the owners? For all you know, the owner might be a bigger thug than you think sweat.gif
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post Jul 3 2019, 11:45 AM

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QUOTE(Jordy @ Jul 3 2019, 11:29 AM)
Do what to them? For example? Hiring thugs to harass the owners? For all you know, the owner might be a bigger thug than you think sweat.gif
*
hmmm perhaps someone who invested their whole life money got cheated and has nothing else to lose he/she take parang go chop the owner?
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post Jul 3 2019, 02:39 PM

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QUOTE(WaCKy-Angel @ Jul 3 2019, 11:45 AM)
hmmm perhaps someone who invested their whole life money got cheated and has nothing else to lose he/she take parang go chop the owner?
*
If that is the case, many scammers should be dead by now. But we still see them wandering around.
Your own decision to invest in a dubious scheme, you have to bear the risk of losing money. Nobody will be so dumb to go and kill someone just because of this.
ikanbilis
post Jul 3 2019, 04:14 PM

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QUOTE(WaCKy-Angel @ Jul 3 2019, 11:45 AM)
hmmm perhaps someone who invested their whole life money got cheated and has nothing else to lose he/she take parang go chop the owner?
*
Johnson Lee of JJPTR is still alive and kicking!

PhakFuhZai
post Aug 7 2019, 11:13 AM

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QUOTE(Jordy @ Jul 3 2019, 11:09 AM)
Their main business will definitely not gulung tikar, but one is investing in its subsidiary companies now. It could be an empty shell company that people are investing into, which promises to take over the outlets from the owner once the funding is closed. The question is, why do they need to go through the hassle of setting up more than 10 subsidiary companies and restructure the whole company by breaking them down, for an investment plan which is merely valid for only 3 years? They could've allowed investors to buy into their main business that owns all the outlets, and then buy-back the investment 3 years later at the agreed return rate.

Remember Steven's Tea Garden (the subsidiary company of the so-called famous Steven's Corner) which invited the public to invest into its new revamped business? If my memory served me well, the business did not even last for a year, and I don't know of the story thereafter.
The more the merrier, as they say. It is supposedly to be an "equity crowdfunding", so there should be equity stake attached to the amount being raised. As long as they have more equity to sell, they could increase the amount to be crowdfunded.
*
my understanding is:

when investors made their investment, their monies go into the empty shell subsidiaries
once the tenure matured, the big boss behind winding up the empty shell, after transferring the assets to the main company

since the agreement only exists between investors and the empty shell sdn bhd, the main company behind got no liabilities to take care of the losses incurred

this happened to many Guaranteed Return Rate GRR scheme promised by developers


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post Aug 7 2019, 01:03 PM

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QUOTE(PhakFuhZai @ Aug 7 2019, 11:13 AM)
my understanding is:

when investors made their investment, their monies go into the empty shell subsidiaries
once the tenure matured, the big boss behind winding up the empty shell, after transferring the assets to the main company

since the agreement only exists between investors and the empty shell sdn bhd, the main company behind got no liabilities to take care of the losses incurred

this happened to many Guaranteed Return Rate GRR scheme promised by developers
*
Yea very possible.
dummies
post Jun 22 2020, 05:19 PM

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for those who invested in this, do you get the interest paid by them? now restaurant business is suffering due to covid19
al3xband
post Jun 24 2020, 10:19 PM

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lastest update, according to sushi mentai boss, feifei crab close down, the owner scam and runaway with investor money..
infested_ysy
post Jun 24 2020, 11:10 PM

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QUOTE(al3xband @ Jun 24 2020, 10:19 PM)
lastest update, according to sushi mentai boss, feifei crab close down, the  owner scam and  runaway with investor money..
*
Meanwhile, water is wet.

Buy stocks or trusts/mutual funds through proper channels if you wanna invest.
Eurobeater
post Jun 24 2020, 11:17 PM

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Stopped reading when I saw "guaranteed 12% return"
roarus
post Jun 24 2020, 11:21 PM

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QUOTE(al3xband @ Jun 24 2020, 10:19 PM)
lastest update, according to sushi mentai boss, feifei crab close down, the  owner scam and  runaway with investor money..
*
Ah that explains. Saw a feifei crab "coming soon" at a dual shoplot premise in the new commercial area that's part of Pavillion Bukit Jalil before MCO. After MCO the "coming soon" sign disappeared for both lots and subsequently 1 lot taken by another eatery.
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post Jun 25 2020, 12:49 AM

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QUOTE(al3xband @ Jun 24 2020, 10:19 PM)
lastest update, according to sushi mentai boss, feifei crab close down, the  owner scam and  runaway with investor money..
*
U mean the restaurant? I think its still open no?
dummies
post Jun 25 2020, 09:58 AM

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feifei crab restaurant all have closed down?

i saw their FB page still active with many promotions : https://www.facebook.com/SignatureFeiFeiCrab/ and https://www.facebook.com/feifeicrab

This post has been edited by dummies: Jun 25 2020, 10:03 AM
yklooi
post Jun 25 2020, 10:30 AM

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If I having a successful bisiness called Tin Tin.. I would set up another sdn bhd Tin Tin Fat to act as for Tin Tin...
Tin Tin Fat would seek loan from others... If Tin Tin Fat default... Tin Tin can still operate as normal.
Louisafrojack
post Jul 30 2020, 03:20 PM

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So what happened to Fei Fei crab story?
e-lite
post Sep 1 2020, 10:41 PM

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Lol, time to bump this thread to teach an important lesson
ninjawin
post Sep 1 2020, 11:17 PM

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QUOTE(e-lite @ Sep 1 2020, 10:41 PM)
Lol, time to bump this thread to teach an important lesson
*
No need lar.. Malaysian sohai... whatever scams also want to invest...

This post has been edited by ninjawin: Sep 1 2020, 11:17 PM
Lazyguy1337
post Sep 1 2020, 11:32 PM

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Lol now they delete their FB page, previously just posted that all restaurants ceased operations.
ikanbilis
post Sep 2 2020, 12:08 AM

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Announcement of Ceasing Business and Operation

Dear Valued Customers, Members and Supporters,
Life has definitely changed since we adopted the "New Normal" especially when the global crisis of
COVID-19 hit our country early this year. Everything was unprecedented and we were taken by a big
surprise and this has definitely affected us in a negative way.

As we all know, the introduction of the Movement Control Order (MCO) has devastated many
businesses and investments. However, this move is necessary because human lives are the most
valuable asset afterall. In fact, we should appreciate our Malaysian government for making such
bold decision because human lives are at stake.
Unfortunately Signature Fei Fei Crab fell as a victim to COVID-19 and with a heavy heart, I hereby
announce that our business has failed. Effective from 11pm of 31 August 2020, our entire F&B
operation has ceased and all outlets will be closed for good.

I would like to take this opportunity to thank our superb team at Signature Fei Fei Crab who has
stayed with us during our toughest time. Your hardwork and your never-say-die attitude will always
be remembered. As for our members and fans, a big thank for your support throughout the years
and deep from my heart, I wish you all best of health and happiness.

Stay safe and farewell.

From the Management of Signature Fei Fei Crab.

停止营业公告
亲爱的顾客、会员以及支持者,

新冠肺炎自今年初开始已经导致全球危机,尤其是卷入我国之后,让我们的生命有了巨大的改
变。一切都是史无前例,因此的确震撼了我们,无疑对我们产生了非常负面的影响。

众所周知,行动控制令(MCO)的引入摧毁了许多企业和投资。但是,此举是必要的,因为毕竟生命是最宝贵的财富。实际上,我们感谢马来西亚政府为了避免国民生命受到威胁做出如此大胆的决定。

不幸的是,Signature Fei Fei Crab 成为了新冠肺炎的受害者。怀着沉重的心情,我们在此宣布我们的业务失败了。谨于 2020 年 8 月 31 日晚上 11 点开始,我们的餐饮业已永久终止。

我想借此机会感谢 Signature Fei Fei Crab 精湛的团队,他们与我们共度最煎熬的阶段。您的努力和永不言败的态度将铭记于心。对于我们的会员和粉丝,衷心感谢您多年来的支持,我们发自内心深处的祝福你们健康快乐。

珍重再见。
Signature 肥肥蟹管理层启
yklooi
post Sep 2 2020, 12:37 AM

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QUOTE(ikanbilis @ Sep 2 2020, 12:08 AM)
Announcement of Ceasing Business and Operation

Dear Valued Customers, Members and Supporters,
........
*
Thank for the latest info...
Would appreciate if you could provide the link to that source of that announcement...
Thks
wongmunkeong
post Sep 2 2020, 07:49 AM

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QUOTE(yklooi @ Sep 2 2020, 12:37 AM)
Thank for the latest info...
Would appreciate if you could provide the link to that source of that announcement...
Thks
*
https://www.everydayonsales.com/news/signat...-and-operation/

https://www.orientaldaily.com.my/news/centr...20/09/01/361124

another "investment" gone awry like so many "special" ones... oh no.. my durians/agarwood bangwall.gif
playhardworksmart
post Sep 2 2020, 09:17 AM

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https://www.youtube.com/watch?v=2OtqN3ePYao

heng ah, luckily i did not invest a single sen,especially after i saw this video promotion by the stakeholder.
but feel so sorry for the many investors losing their hard earned money

quick watch this before being taken down also lol

This post has been edited by playhardworksmart: Sep 2 2020, 09:23 AM
ninjawin
post Sep 2 2020, 11:30 AM

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the durian ones gotta becareful... u know it's shit when malaysian chinese radio DJ promotes it..
Pichu00
post Sep 2 2020, 11:43 AM

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QUOTE(wongmunkeong @ Sep 2 2020, 07:49 AM)
https://www.everydayonsales.com/news/signat...-and-operation/

https://www.orientaldaily.com.my/news/centr...20/09/01/361124

another "investment" gone awry like so many "special" ones... oh no.. my durians/agarwood  bangwall.gif
*
Got a relative work as sale person in the argar wood. Now keep give excuse why delay the dividends. 1 yr drag another year lol I told my mom with Thier track( alot shady MLM , Geneva gold they also kena ) record u still invest ..... Pandan muka my mom.
CSW1990
post Sep 2 2020, 12:52 PM

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Lol this ending is expected lah... Most people want quickeasy money and easy to be eaten
dummies
post Sep 2 2020, 05:37 PM

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https://www.crowdplus.asia/CapitalProfile.php?cid=6697


https://www.crowdplus.asia/CapitalProfile.php?cid=6677

https://www.crowdplus.asia/CapitalProfile.php?cid=6624


Not sure these few hundreds of investors will get anything back from the company, really pity them
WhitE LighteR
post Sep 2 2020, 07:28 PM

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Covid is just a conveninent excuse i think.
fuzzy
post Sep 2 2020, 07:45 PM

*pew pew pew*
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QUOTE(dummies @ Sep 2 2020, 05:37 PM)
Sometimes, I don't think there's anything to pity. If it's too good to be true, it should have been a siren going off, instead of placing more money into it.
AnasM
post Sep 2 2020, 08:46 PM

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QUOTE(Pichu00 @ Sep 2 2020, 11:43 AM)
Got a relative work as sale person in the argar wood. Now keep give excuse why delay the dividends. 1 yr drag another year lol I told my mom with Thier track( alot shady MLM , Geneva gold they also kena ) record u still invest ..... Pandan muka my mom.
*
Its not a scam
This is business failure.
Boomwick
post Sep 2 2020, 08:58 PM

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Scam is totally ntg to see

This one take ur money and really got shop keluar but failed

This is call.. business transfer risk.. from using own capital to start. Get other people money in and cash out sendiri and when fail.. sendiri is safe.. investor yang kena
l4nunm4l4y4
post Sep 2 2020, 09:00 PM

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Maybe they spell crap wrongly. Summore advertise in FB. Dodgy.
zstan
post Sep 3 2020, 04:55 PM

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i wouldn't call it scam though. their food quite goood eh hmm.gif
MrBaba
post Sep 3 2020, 06:08 PM

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Fei fei just did fb live this afternoon say u guys( investor) slender him
ikanbilis
post Sep 3 2020, 06:57 PM

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QUOTE(MrBaba @ Sep 3 2020, 06:08 PM)
Fei fei just did fb live this afternoon  say u guys( investor)  slender  him
*
Now use victim card. Its is the same FB that promote the fund raising exercise last year

MrBaba
post Sep 3 2020, 06:59 PM

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QUOTE(ikanbilis @ Sep 3 2020, 06:57 PM)
Now use victim card. Its is the same FB that promote the fund raising exercise last year
*
Not sure, afternoon alot ppl share it..
MrBaba
post Sep 3 2020, 08:22 PM

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QUOTE(ikanbilis @ Sep 3 2020, 06:57 PM)
Now use victim card. Its is the same FB that promote the fund raising exercise last year
*
Sin chew fb got the video 5 h ago je
tkwfriend
post Sep 4 2020, 08:20 AM

I always doubt and always something goes wrong
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Signature fei fei and. Fei fei is it the same. As the original fei fei in kepong is still operating
KSMMA
post Sep 4 2020, 08:24 AM

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12% guaranteed return on what? crab eggs ?



babygrand123
post Sep 4 2020, 09:09 AM

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The question is why these investors dare to dump in money to crap ? What is the selling point to lure or convince them in the first place ?

Why so many SH crab in this boleh land ? If you have 10K in hand just start to learn Bursa trading rather than put fate on money games scammer !!!

Just my 2 cent !

matiko95
post Sep 4 2020, 09:12 AM

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smells fishy from the start

Pakatan SinMa Plus
post Sep 4 2020, 09:23 AM

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To cease business and operation is just a sooner or later thing in this case. just that the MCO gives them the perfect excuse to cease their business at this point of time.
MrBlackie33
post Sep 4 2020, 09:38 AM

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fei fei crab and fei fei signature is different owner? saw both owner photo before it looks like different person but both looks fatty lol

This post has been edited by MrBlackie33: Sep 4 2020, 09:38 AM
MUM
post Sep 4 2020, 11:36 AM

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QUOTE(tkwfriend @ Sep 4 2020, 08:20 AM)
Signature fei fei and. Fei fei is it the same?. As the original fei fei in kepong is still operating
*
QUOTE(MrBlackie33 @ Sep 4 2020, 09:38 AM)
fei fei crab and fei fei signature is different owner? saw both owner photo before it looks like different person but both looks fatty lol
*
most probably is as per this below post,,,,,,
(hopefully if you can see/imagine better by replacing the name of the below entities from Tin Tin to Fei Fei Crab restaurant and from Tin Tin Fat to Signature Fei Fei Crab restaurant)

QUOTE(yklooi @ Jun 25 2020, 10:30 AM)
If I  having a successful bisiness called Tin Tin.. I would set up another sdn bhd Tin Tin Fat to act as for Tin Tin...
Tin Tin Fat would seek loan from others... If Tin Tin Fat default... Tin Tin can still operate as normal.
*
This post has been edited by MUM: Sep 4 2020, 11:43 AM
wongmunkeong
post Sep 4 2020, 04:37 PM

If U wanna criticize / bitch, pls bring some possible solutions.
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QUOTE(babygrand123 @ Sep 4 2020, 09:09 AM)
The question is why these investors dare to dump in money to crap ? What is the selling point to lure or convince them in the first place ?

Why so many SH crab in this boleh land ? If you have 10K in hand just start to learn Bursa trading rather than put fate on money games scammer !!!

Just my 2 cent !
*
U know the reasons, I know the reasons
BUT
in these PC (politically correct) crazed world + hordes of snowflakes, any obvious statement even if factual, will get us hung by the jury of the masses blush.gif

OT - i miss Benny Hill and the likes which will never be able to exist nowadays coz "too touchy"
MrBaba
post Sep 4 2020, 09:13 PM

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QUOTE(MrBlackie33 @ Sep 4 2020, 09:38 AM)
fei fei crab and fei fei signature is different owner? saw both owner photo before it looks like different person but both looks fatty lol
*
According to the press conference he did with sin chiew he say he only own 30% signiture and got no say in the company and he is also victim
Liew2
post Sep 4 2020, 10:20 PM

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QUOTE(matiko95 @ Sep 4 2020, 09:12 AM)
smells fishy from the start
*
Crowdplus Asia have help them raise funds
here an other company from Crowdplus who close down business last month...
https://www.facebook.com/fruitiking/
ha ha...and Crowdplus CEO is co-founder ...


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post Sep 4 2020, 11:58 PM

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QUOTE(MrBlackie33 @ Sep 4 2020, 09:38 AM)
fei fei crab and fei fei signature is different owner? saw both owner photo before it looks like different person but both looks fatty lol
*
They claim is different la.. but if you check under Crowdplus platform, they got FFC1, 2 and 3. All also got signature FFC and normal FFC. So suddenly sing a different song, close all the ones that have crowdfunding. Weird or not?
airtawarian
post Sep 7 2020, 08:43 PM

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QUOTE(WaCKy-Angel @ May 24 2019, 10:46 PM)
Sorry if already have an existing discussion please point it to me. Tried to search but not found.

Anyone attended their investment talk? Mind to share how it works?
Saw at fb says can get 12% interest? Sounds too good to be true?

I've eaten at their restaurant before and joined their eatflix member whereby you pay double price of the bill and get back the amount as credit which you can use in the future (and current bill is consider free)
This too i have abit doubt how they can last..

user posted image
*
Lucky I no join. Finish la reputation
vanpersie91
post Sep 7 2020, 08:44 PM

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apa story
RicoT
post Sep 7 2020, 08:49 PM

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QUOTE(WhitE LighteR @ Sep 2 2020, 07:28 PM)
Covid is just a conveninent excuse i think.
*
Take investor's money and use Covid as excuse. Money taken but why don't just continue with the operations until investor money run dry? Why abort mission from the beginning and keep investors' money?

Most importantly, why they can accept "investment" without going through Security Commissions? Just like another Geneva case.
whoopa
post Sep 7 2020, 09:05 PM

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So ffc n signature ffc which one chap lap? And which one do crowd fund?
airtawarian
post Sep 7 2020, 09:14 PM

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QUOTE(RicoT @ Sep 7 2020, 08:49 PM)
Take investor's money and use Covid as excuse. Money taken but why don't just continue with the operations until investor money run dry? Why abort mission from the beginning and keep investors' money?

Most importantly, why they can accept "investment" without going through Security Commissions? Just like another Geneva case.
*
Becoz Genneva investors pursue the matter until court and directors kena nailed n fined.millions.

Smart investors will go After them whilst stupid investors will let the money burnt. That is How u differentiate investors
edyek
post Sep 7 2020, 09:25 PM

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QUOTE(RicoT @ Sep 7 2020, 08:49 PM)
Most importantly, why they can accept "investment" without going through Security Commissions? Just like another Geneva case.
*
https://www.crowdplus.asia/disclosure.php

Read and you will know more about crowd fund kungfu. bruce.gif
airtawarian
post Sep 7 2020, 10:39 PM

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QUOTE(edyek @ Sep 7 2020, 09:25 PM)
https://www.crowdplus.asia/disclosure.php

Read and you will know more about crowd fund kungfu.  bruce.gif
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So tetek anda ialah?
KitZhai
post Sep 7 2020, 10:55 PM

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QUOTE(lakini80 @ May 25 2019, 11:10 PM)
Do you all remember Steven Tea Garden?
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STG i thought sabah tea garden lol.
RicoT
post Sep 8 2020, 09:48 AM

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QUOTE(edyek @ Sep 7 2020, 09:25 PM)
https://www.crowdplus.asia/disclosure.php

Read and you will know more about crowd fund kungfu.  bruce.gif
*
Ah, the fine print that they are the middle man and not responsible for any lost. Then again, can privaye company sell their "share" like that? I thought only public-listed companies can sell share/equity to the public?

QUOTE
... RM1,000,000 or less successfully raised through the Website, a rate of 7% commission in cash ...
... more than RM1,000,000 successfully raised through the Website, a rate of 6% commission in cash ...
Ah long rate is how much now?

Crowdsource capital with high commission it seems.

» Click to show Spoiler - click again to hide... «


If I am not mistaken, just by stating they "owe no legal resposibility to Investors" doesn't automatically exempt them from being sued for negligence, have to check Capital Markets and Services Act 2007 (“CMSA”) and the Guidelines on Regulation of Markets under Section 34 of CMSA issued by SC (“SC Guidelines”). Those kena already, get your lawyer to see if they can help legally.

This post has been edited by RicoT: Sep 8 2020, 09:50 AM
yklooi
post Sep 8 2020, 10:40 AM

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QUOTE(RicoT @ Sep 8 2020, 09:48 AM)
................
If I am not mistaken, just by stating they "owe no legal resposibility to Investors" doesn't automatically exempt them from being sued for negligence, have to check Capital Markets and Services Act 2007 (“CMSA”) and the Guidelines on Regulation of Markets under Section 34 of CMSA issued by SC (“SC Guidelines”). Those kena already, get your lawyer to see if they can help legally.
*
on this "f I am not mistaken, just by stating they "owe no legal resposibility to Investors" doesn't automatically exempt them from being sued for negligence,"...
how to proof negligent?
can a unit trust fund house be sued when 1 losses money in unit trust investment then sue the fund house/manager for negligent or incompetence?

on this, "have to check Capital Markets and Services Act 2007 (“CMSA”) and the Guidelines on Regulation of Markets under Section 34 of CMSA issued by SC (“SC Guidelines”)."
according to this article,....

The Case for Financial Reporting for Equity Crowdfunding in Malaysia
Malaysia introduced a regulatory framework to facilitate equity crowdfunding in 2015 and another for P2P financing in 2016.
At the time of writing, there are minimal rules and regulations on financial reporting for alternative funding i.e. non-equity crowdfunding, ECF and P2P financing in Malaysia.

Most of the regulations pertaining to alternative funding lie in the Guidelines on Recognized Markets issued by the Securities Commission of Malaysia (SC) in 2015 and revised in 2016.
The Guidelines on Recognized Markets focuses mostly on the financial reporting aspects of the set-up of the Recognized Market Operator (RMO) and reporting to SC. Paragraph 1.03 of the Guidelines makes it clear that all RMOs must be a body corporate or a limited liability partnership (LLP).

This brings all RMOs to be either under the Companies Act 2016 or the Limited Liability Partnerships Act 2012.
Unlike practices overseas, societies or non-profit organisations per se, like many promoted on Kickstart, are not permitted to become RMOs.
The only way non-profit organisations can become RMOs is for those organisations to be registered either as companies or as LLPs.

Paragraph 7.01 requires all RMOs to submit their latest audited financial statements within three months after the close of each financial year to the SC and similar filings must be made at the CCM as required by the Companies
Act 2016 or the Limited Liability Partnerships Act 2012.

However, since the RMOs are not public companies, the audited financial statements of the RMOs are not published to the public.
Current listing requirements require public listed companies to publish regular reports (as regular as quarterly) to their shareholders so that shareholders are made aware of the financial performance of their investment.
Regulators require unit trust companies to publish their results to their trust holders.
ECF works in a way similar to unit trusts. Unit holders provide small amounts of funds to unit trust companies to invest in various companies or businesses, while crowdfunding collects small amounts of capital from many backers. RMOs are not subject to such rigorous reporting requirements unlike unit trust companies.
RMOs are not obliged to publish their financial results to their backers since the backers are in the legal sense not shareholders of the business.
Backers would have to go to the CCM to purchase a copy of the audited accounts if they want information about the financial results of their RMO.

Is the financial information available at the CCM useful for the backers for decision making – if they decide to spend money to retrieve the information? It is not thought so.

The Companies Act 2016 requires an RMO file the financial report of the whole enterprise and not different projects crowdfunded in that particular RMO.
There are gaps in company law pertaining to the ownership of an ECF.
The Guidelines on Recognised Markets make it a requirement that information on the promoters of the ECF must be provided to SC during the process of registration.
A similar procedure is applied to traditional companies when those companies plan to place an Initial Public Offer (IPO) on Bursa Malaysia.

However there is not much clarity regarding the ownership of an ECF.
Are backers shareholders of the ECF?
Investopedia mentions that “backers receive equity shares of the company”.
The Companies Act 2016 is silent on this.

In traditional companies including those over-the-counter or private companies, successful applicants to a new company are allotted shares by the promoters and upon the payment of the allotted share capital, the applicant will become a shareholder.
Shareholders are then owners of the company.

The legal statuses of ECF backers are currently unclear in company law.
Backers should be allotted shares in the entity and backers should be able to participate in General and Extraordinary Meetings of the ECF.
ECFs should be managed like any company with a proper Board of Directors, independent directors and a capable Audit Committee for better governance.

https://mfpc.org.my/wp-content/uploads/2019...rowdfunding.pdf

Those kena already, get your lawyer to see if they can help legally.
thumbsup.gif that is a good advice....
but if the invested money is not much,...just forget about it for the cost of that legal fees incurred may be more than the sum "lost" and also do the due diligent in getting a lawyer too because there maybe some taking the opportunity to "scam" the victims again....like previously read Geneva victims paying for legal fees to try to get back the money...

This post has been edited by yklooi: Sep 8 2020, 12:44 PM
edyek
post Sep 8 2020, 11:45 AM

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QUOTE(airtawarian @ Sep 7 2020, 10:39 PM)
So tetek anda ialah?
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G size cup. Hahaha
tehoice
post Sep 8 2020, 12:45 PM

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didnt know this crowd funding existed.

When was it they first started? 2019?

I ate a few times in their restaurant, their food is quite good eh honestly.

So less than 2 years down the road and taking covid19 as an excuse, they announce that their business has failed and has ceased all the operations?

in the event of liquidation, shouldn't those share capital pumped in be returned to the shareholders/investors by capital reduction? etc?

so the founder take this chance and close everything as well as sapu all the remaining cash and bank balances?

soon, you will see another similar modus operandi operator crowd funding for another chain.

vicious cycle.............

This post has been edited by tehoice: Sep 8 2020, 12:45 PM
MUM
post Sep 8 2020, 12:50 PM

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according to this,...
These businesses are generally high risk, high return investment alternative to other Investment instruments like Stocks, Bonds, Mutual Funds or Trust Funds, or even Fixed Deposits.
Startups generally have a 25% yearly average return, however, it also comes with a high risk of >90% mortality rate.

Of course, the 25% return is after even the failures of those startups, as the successful Startups are able to provide more than 5X or if you are lucky, more than 30X returns on your investment.
https://www.nexea.co/equity-crowdfunding-ec...ur%20investment.

hmm.gif expectations of higher returns comes with higher risk of losses too.
icemanfx
post Sep 8 2020, 01:21 PM

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QUOTE(tehoice @ Sep 8 2020, 12:45 PM)
didnt know this crowd funding existed.

When was it they first started? 2019?

I ate a few times in their restaurant, their food is quite good eh honestly.

So less than 2 years down the road and taking covid19 as an excuse, they announce that their business has failed and has ceased all the operations?

in the event of liquidation, shouldn't those share capital pumped in be returned to the shareholders/investors by capital reduction? etc?

so the founder take this chance and close everything as well as sapu all the remaining cash and bank balances?

soon, you will see another similar modus operandi operator crowd funding for another chain.

vicious cycle.............
*
This scam is nothing new but in different forms.

zstan
post Sep 8 2020, 02:03 PM

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QUOTE(tehoice @ Sep 8 2020, 12:45 PM)
didnt know this crowd funding existed.

When was it they first started? 2019?

I ate a few times in their restaurant, their food is quite good eh honestly.

So less than 2 years down the road and taking covid19 as an excuse, they announce that their business has failed and has ceased all the operations?

in the event of liquidation, shouldn't those share capital pumped in be returned to the shareholders/investors by capital reduction? etc?

so the founder take this chance and close everything as well as sapu all the remaining cash and bank balances?

soon, you will see another similar modus operandi operator crowd funding for another chain.

vicious cycle.............
*
yeah their pork ribs are awesome drool.gif kesian the workers
hc7840
post Sep 9 2020, 10:21 AM

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Holy crab. All kena gamed
Liew2
post Sep 10 2020, 02:46 AM

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QUOTE(yklooi @ Sep 8 2020, 10:40 AM)
on this "f I am not mistaken, just by stating they "owe no legal resposibility to Investors" doesn't automatically exempt them from being sued for negligence,"...
how to proof negligent?
can a unit trust fund house be sued when 1 losses money in unit trust investment then sue the fund house/manager for negligent or incompetence?

on this, "have to check Capital Markets and Services Act 2007 (“CMSA”) and the Guidelines on Regulation of Markets under Section 34 of CMSA issued by SC (“SC Guidelines”)."
according to this article,....

The Case for Financial Reporting for Equity Crowdfunding in Malaysia
Malaysia introduced a regulatory framework to facilitate equity crowdfunding in 2015 and another for P2P financing in 2016.
At the time of writing, there are minimal rules and regulations on financial reporting for alternative funding i.e. non-equity crowdfunding, ECF and P2P financing in Malaysia.

Most of the regulations pertaining to alternative funding lie in the Guidelines on Recognized Markets issued by the Securities Commission of Malaysia (SC) in 2015 and revised in 2016.
The Guidelines on Recognized Markets focuses mostly on the financial reporting aspects of the set-up of the Recognized Market Operator (RMO) and reporting to SC. Paragraph 1.03 of the Guidelines makes it clear that all RMOs must be a body corporate or a limited liability partnership (LLP).

This brings all RMOs to be either under the Companies Act 2016 or the Limited Liability Partnerships Act 2012.
Unlike practices overseas, societies or non-profit organisations per se, like many promoted on Kickstart, are not permitted to become RMOs.
The only way non-profit organisations can become RMOs is for those organisations to be registered either as companies or as LLPs.

Paragraph 7.01 requires all RMOs to submit their latest audited financial statements within three months after the close of each financial year to the SC and similar filings must be made at the CCM as required by the Companies
Act 2016 or the Limited Liability Partnerships Act 2012.

However, since the RMOs are not public companies, the audited financial statements of the RMOs are not published to the public.
Current listing requirements require public listed companies to publish regular reports (as regular as quarterly) to their shareholders so that shareholders are made aware of the financial performance of their investment.
Regulators require unit trust companies to publish their results to their trust holders.
ECF works in a way similar to unit trusts. Unit holders provide small amounts of funds to unit trust companies to invest in various companies or businesses, while crowdfunding collects small amounts of capital from many backers. RMOs are not subject to such rigorous reporting requirements unlike unit trust companies.
RMOs are not obliged to publish their financial results to their backers since the backers are in the legal sense not shareholders of the business.
Backers would have to go to the CCM to purchase a copy of the audited accounts if they want information about the financial results of their RMO.

Is the financial information available at the CCM useful for the backers for decision making – if they decide to spend money to retrieve the information? It is not thought so.

The Companies Act 2016 requires an RMO file the financial report of the whole enterprise and not different projects crowdfunded in that particular RMO.
There are gaps in company law pertaining to the ownership of an ECF.
The Guidelines on Recognised Markets make it a requirement that information on the promoters of the ECF must be provided to SC during the process of registration.
A similar procedure is applied to traditional companies when those companies plan to place an Initial Public Offer (IPO) on Bursa Malaysia.

However there is not much clarity regarding the ownership of an ECF.
Are backers shareholders of the ECF?
Investopedia mentions that “backers receive equity shares of the company”.
The Companies Act 2016 is silent on this.

In traditional companies including those over-the-counter or private companies, successful applicants to a new company are allotted shares by the promoters and upon the payment of the allotted share capital, the applicant will become a shareholder.
Shareholders are then owners of the company.

The legal statuses of ECF backers are currently unclear in company law.
Backers should be allotted shares in the entity and backers should be able to participate in General and Extraordinary Meetings of the ECF.
ECFs should be managed like any company with a proper Board of Directors, independent directors and a capable Audit Committee for better governance.

https://mfpc.org.my/wp-content/uploads/2019...rowdfunding.pdf

Those kena already, get your lawyer to see if they can help legally.
thumbsup.gif that is a good advice....
but if the invested money is not much,...just forget about it for the cost of that legal fees incurred may be more than the sum "lost" and also do the due diligent in getting a lawyer too because there maybe some taking the opportunity to "scam" the victims again....like previously read Geneva victims paying for legal fees to try to get back the money...
*
Well you are right in your explanations, are you from the Securities Commission? biggrin.gif biggrin.gif but definitely Crowdplus Asia have breach the SC regulations because a company who is newly formed and do not have any audited financial account can not raise more than RM 500.000, what I can see from the website they have raised more than RM 1 mil per campaign and the companies FFC just formed few months before they raise the funds.
So it's still possible to go legally after Crowdplus or complain to SC ....No Mercy

yklooi
post Sep 10 2020, 02:53 AM

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QUOTE(Liew2 @ Sep 10 2020, 02:46 AM)
Well you are right in your explanations, are you from the Securities Commission?  biggrin.gif  biggrin.gif but definitely Crowdplus Asia have breach the SC regulations because a company who is newly formed and do not have any audited financial account can not raise more than RM 500.000, what I can see from the website they have raised more than RM 1 mil per campaign and the companies FFC just formed few months before they raise the funds.
So it's still possible to go legally after Crowdplus or complain to SC ....No Mercy
*
Read the article in post 113?
The failure rate is more than 90%
The investors willing surrender their money into an investment that has high mortality rate so as to try to earn a possibility of higher returns.
Did they promise can make a return?
MUM
post Sep 10 2020, 09:41 AM

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QUOTE(Liew2 @ Sep 10 2020, 02:46 AM)
Well you are right in your explanations, are you from the Securities Commission?  biggrin.gif  biggrin.gif but definitely Crowdplus Asia have breach the SC regulations because a company who is newly formed and do not have any audited financial account can not raise more than RM 500.000, what I can see from the website they have raised more than RM 1 mil per campaign and the companies FFC just formed few months before they raise the funds.
So it's still possible to go legally after Crowdplus or complain to SC ....No Mercy
*
"Securities Commission Malaysia announced today the liberalisation of equity crowdfunding (ECF) limit to RM 10 million from the previous limit of RM 5 Million."
https://fintechnews.my/23418/crowdfunding-m...M%205%20Million.
Liew2
post Sep 11 2020, 09:35 PM

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QUOTE(yklooi @ Sep 10 2020, 02:53 AM)
Read the article in post 113?
The failure rate is more than 90%
The investors willing surrender their money into an investment that has high mortality rate so as to try to earn a possibility of higher returns.
Did they promise can make a return?
*
Yes they have promise, up to 120 % for 3 years ..insane.....Attached Image
MUM
post Sep 11 2020, 09:42 PM

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QUOTE(Liew2 @ Sep 11 2020, 09:35 PM)
Yes they have promise, up to 120 % for 3 years ..insane.....Attached Image
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is that from the social media or from the crowdfunding's prospectus or from Signature Fei Fei Crab?
i think the 120% is inclusive of those eat credits, gift vouchers....also any T&C attached to the interest of 12% payable bi annually...

This post has been edited by MUM: Sep 11 2020, 09:49 PM
Liew2
post Sep 11 2020, 09:50 PM

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QUOTE(MUM @ Sep 10 2020, 09:41 AM)
"Securities Commission Malaysia announced today the liberalisation of equity crowdfunding (ECF) limit to RM 10 million from the previous limit of RM 5 Million."
https://fintechnews.my/23418/crowdfunding-m...M%205%20Million.
*
you are right on the limits with RM 10 mil, SC have raised it up.
But Fei Fei Crap did not meet the SC requirements...the FFC companies just a few months old....do not have audited accounts, therefore they are not allowed to raise more tahn RM 500 k, clearly a breach of SC guidelines. Crowdplus should never allow it to raise more than RM 500 k according to the guidelines, to reduce the investor risk exposure!!!
[attachmentid=10584898


Attached thumbnail(s)
Attached Image
MUM
post Sep 11 2020, 09:53 PM

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QUOTE(Liew2 @ Sep 11 2020, 09:50 PM)
you are right on the limits with RM 10 mil, SC have raised it up.
But Fei Fei Crap  did not meet the SC requirements...the FFC companies just a few months old....do not have audited accounts, therefore they are not allowed to raise more tahn RM 500 k, clearly a breach of SC guidelines. Crowdplus should never allow it to raise more than RM 500 k according to the guidelines, to reduce the investor risk exposure!!!
[attachmentid=10584898
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Fei Fei Crab restaurant i think should have > few years business record...
for i read Fei Fei Crabs is quite popular thus should be an established name

Liew2
post Sep 11 2020, 10:09 PM

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QUOTE(MUM @ Sep 11 2020, 09:53 PM)
Fei Fei Crab restaurant i think should have > few years business record...
for i read  Fei Fei Crabs is quite popular thus should be an established name
*
well..for each ECF round they register a new company ..... Smart right ? or just the way of deception...people think they invest am established business, sad.gif sad.gif
Attached Image

MUM
post Sep 11 2020, 10:14 PM

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QUOTE(Liew2 @ Sep 11 2020, 10:09 PM)
well..for each ECF round they register a new company ..... Smart right ? or just the way of deception...people think they invest am established business, sad.gif  sad.gif
Attached Image
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then i guess they are kind of like as yklooi posted....

QUOTE(yklooi @ Jun 25 2020, 10:30 AM)
If I  having a successful bisiness called Tin Tin.. I would set up another sdn bhd Tin Tin Fat to act as for Tin Tin...
Tin Tin Fat would seek loan from others... If Tin Tin Fat default... Tin Tin can still operate as normal.
*
tehoice
post Oct 14 2020, 02:45 PM

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Noted that there is this new name called Fei Fei Fish restaurant.

are they in any way related to fei fei crab or their affiliate?
Seralph
post Oct 21 2020, 02:18 PM

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So convenient that only those branches that are invested by crowdfunders have ceased operations.

Other branches still up and running.


Rebecca2000
post Oct 22 2020, 04:46 PM

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Wow, I saw their presentation last year! Can't believe already closed now.

 

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