Tuesday, January 26, 2010

Administrator to call for SWISSCASH claims this week

THE Securities Commission (SC) has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd as the administrator to manage the restoration process for eligible investors in the Swisscash Internet investment scam.

The announcement comes almost one-and-a-half years after the regulator obtained a landmark High Court judgment against the three defendants — Albert Lee Kee Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd.

The defendants were ordered to pay the sum of US$83 million (RM286.3 million), which was believed to be the maximum investments that were made, and any further amounts traced by the SC, to compensate investors of the scam.

It is understood, however, that the SC has managed to trace only about RM31 million of the settlement amount.
PricewaterhouseCoopers Advisory Services will, within this week, be issuing notices calling for claims from claimants as well as the detailed format and supporting documents required.
The notices will appear on the PricewaterhouseCoopers Advisory Services website as well as in newspapers, namely Berita Harian, Ma-laysia Nanban, News Straits Times, The Borneo Post, The Star, Sin Chew Daily and Utusan Malaysia.

Once the public notices are issued by the administrator, all communications with regard to the restitution process should be addressed directly to the administrator, and not to the SC.
The administrator will assess and review the claims before making recommendations on the appropriate eligibility criteria for payments to be made. These criteria will then be submitted by the SC to the High Court for its approval.

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