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I just received a call from Bryan, he asked me to make this post as, unfortunately, due to circumstances beyond his control, he is unable to access his computors
Bryan asks that everyone to please remain calm, he is currently involved with meetings with the Malaysian authorities, further meetings are planned over the next couple of days to resolve a number of issues.
Bryan expressed his confidence that all issues will be resolved and asked me to convey his thanks and appreciation for all the support.
I can confirm that Bank Negara (Central Bank of Malaysia) raided the Pips offices at about 2:00 p.m. on Tuesday. Computers and hand****** were seized and other materials requisitioned.
The incident involved about 15-20 Investigating officers and a number of uniformed police. The Pips and Picpay offices were closed and remain closed today. Staff were kept till late in the evening and the next day while statements were taken.
All websites have been taken down at the direction of Bank Negara's officers.
There is some speculation that the offices will re-open shortly, possibly Monday, but to what end, I cannot say.
It remains to be seen what will be the outcome of this investigation, but with recently reported debts for Picpay of over US $300,000,000.00 and very little in the way of assets to fund it, there appears to be a prima facie case for the Central Bank's concern. Myself and other informed members also share this concern.
Bryan has indicated through Tom that he is confident that the 'issues' will be sorted out. I don't share Tom's or Bryan's optimism, although it would be good if that could happen. Tom has the benefit of all the information I have and he obviously remains very close to Bryan, so it stands to reason that he has more up to date information than I do. Let's all hope Tom and Bryan are right and I'm wrong.
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neild1971
Joined: 02 Nov 2004
Posts: 81
Location: Gold Coast
Posted: Thu Aug 18, 2005 12:57 pm Post subject:
Well, seams like it is PicPay that is causing the problems...
Why not just shut that department down? I surely can accept the loss of funds I have at PicPay. All that counts for me is my PIPS-account.
Picabooo wrote:
Well, seams like it is PicPay that is causing the problems...
Why not just shut that department down? I surely can accept the loss of funds I have at PicPay. All that counts for me is my PIPS-account.
You can't just wipe off $300mil. Besides if you can do it once whats to stop you doing it again.. we would never get anything.
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Cheers
Bumpster wrote:
Picabooo wrote:
Well, seams like it is PicPay that is causing the problems...
Why not just shut that department down? I surely can accept the loss of funds I have at PicPay. All that counts for me is my PIPS-account.
You can't just wipe off $300mil. Besides if you can do it once whats to stop you doing it again.. we would never get anything.
I wouldn't quote the figure allthough I do get your point. Besides we don't know that the money (whatever amount it is) isn't there...
But IF Picpay is short on money, what would your solution be? Close it all?
Maybe they were investigating why Picrealty is no longer accepting Picpay after all isn't that an easy payment platform for members?
Soloution I think would be to advise members we have not been able to trade last 2-3 months so unfortunately no ROL until further notice. ROL will be back to normal as soon as our investments return to normal. (an example)
This would stop the horse bolting from the cart!
Also I think accepting new members with so much outstanding would look bad in eyes of authorities. If that was closed adequate communication to members on what problem is and steps to rectify situation would appease authorities and members.
OK, thats it! I am going to do today what I did yesterday about PIPS, Just hangin loose. LOL! What ever transpires will be and there ain't Jack we can do, Soooo, I'll just wait it out :lol:
Well lets all get ONE thing straight,,, Picpay is History,,, thats why none of the other business's would accept it anymore,,,thats why the Merchants were stopped,,,thats why there's another gateway in the making (PSK).
BoN is restructuring Picpay,,not PIPS, so all you negitive people can start on that aspect, and you know who you are!!! And so do we!!!!!
closing picpay!!!!!!! wow wonderful thought ., but people never imagined about saying this .,,
picpay will have a restructure that in the sense it will be working all through inside malaysian wings ., but the best possibility is picpay being transferred with license being cancelled and the trade operations will be carried out from another jurisdiction.,
closing picpay may hamper pips image ., also picpay is not the root cause ., the idea that emerged picpay is the cause ., and the way they got it registered in malaysia is the setback behind ., as pips did the thing in BVI it should have gotta its legs footed at an offshore origin just having offices in malaysia but all primary transacts from another offshore jurisdiction.
Hope picpay wont be closed but will get transformed as a payment platform between the new bank ;so no contravention is possible just moving money from one bank to another bank is not violation implied within malaysian banking laws. But transacting within malaysia with legal identity is the setback.
closing picpay!!!!!!! wow wonderful thought ., but people never imagined about saying this .,,
1)closing picpay may hamper pips image .2)also picpay is not the root cause .,
1) PIPS image is pretty much in the gutter so who cares let's just do what needs to be done.
2)with all the fraudulent picpay going around I think PICPAY has a large share of the problem.
3)But transacting within malaysia with legal identity is the setback(well I would hate for us to do anything illegal.):lol:
closing picpay!!!!!!! wow wonderful thought ., but people never imagined about saying this .,,
1)closing picpay may hamper pips image .2)also picpay is not the root cause .,
1) PIPS image is pretty much in the gutter so who cares let's just do what needs to be done.
2)with all the fraudulent picpay going around I think PICPAY has a large share of the problem.
3)But transacting within malaysia with legal identity is the setback(well I would hate for us to do anything illegal.):lol:
Just my 2 cents but I like your posts. :D
well said .,
so a restructure is what I meant ., the third point is : transacting within malaysian legality is a setback., when operations are done in BVI and panama ... control of funds in malaysia is a setback ., this brought all hell.
I do know picpay caused troubles that does not mean picpay should be shut down for the diseases incurred ., this does mean like killing a patient instead of diseases.
wait patience pays the rest.,anyhow thanx for ur expression.
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Update from the Auspips Forum re BM
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