Thread: Bank Negara - Update

Antejesz2 - that's correct. The present charges have nothing to do with the Pips situation. Bank Negara are still investigating and, if they conclude that Pips was insolvent, they will appoint a receiver to apportion whatever funds and assets they can find.
My personal view is that there will be very little.

Originally Posted by Owen Platt

Antejesz2 - that's correct. The present charges have nothing to do with the Pips situation. Bank Negara are still investigating and, if they conclude that Pips was insolvent, they will appoint a receiver to apportion whatever funds and assets they can find.
My personal view is that there will be very little.

Hello Owen
I like your photo.
Now You are Banker How You Can HELP with PIPS???
You Must have some Inside Info(bank)
How Much we can get Back
Chelsy Win again I like It.
Owen just in case You have nothing to do send US some more INFO.
Have Nice Day Owen
pele

Hi Pele - I think it will take more than a banker to save Pips! And for now the only ones with any real information are Bank Negara. My comments that you quote are applicable only if they find Pips to be insolvent.
My personal opinion is that they will - but that is really up to the bank to conclude.

Veronica4,

My experience in other programs that were closed down is this,

IF there is any $$ in the kitty, BNM will take a large share to cover their costs.
The small amount left (if any) could be distributed to members as a % of what
they invested ( not including any profit ). This proceedure can take a few years
to complete.

So, I would not have much hope of seeing our $$ again.

sassyboy

Here's something to put it in perspective.

I worked for a small company that went bust. I was owed, by my reckoning, about £5000, in lost wages, expenses I was owed, lost holiday pay and shares I had purchased.

The company was turned over to liquidators, who realised all the assets they could. The company had around £750k in unsecured creditors. I was classed a preferential creditor, due to being staff. I would imagine that investors in Pips would be classed as unsecured.

I received a cheque this week, nearly 6 YEARS after the company went under, for the princely sum of £217. The liquidators are to make no payments to unsecured creditors.

Anyone still think you're going to get your money back?

Originally Posted by nej

Here's something to put it in perspective.

I worked for a small company that went bust. I was owed, by my reckoning, about £5000, in lost wages, expenses I was owed, lost holiday pay and shares I had purchased.

The company was turned over to liquidators, who realised all the assets they could. The company had around £750k in unsecured creditors. I was classed a preferential creditor, due to being staff. I would imagine that investors in Pips would be classed as unsecured.

I received a cheque this week, nearly 6 YEARS after the company went under, for the princely sum of £217. The liquidators are to make no payments to unsecured creditors.

Anyone still think you're going to get your money back?

thanks for sharing your experience!.....

You are correct!...and sometimes even the so-called secured creditors do not get what is owed to them!

In the case of PIPS, it is naive to think that even secured creditors will get what is owed to them. What do you think the value of the building masses are, and what do you think bistro's or fashion shop is worth?....and as far as I understood the buildings are located in very unattractive areas!
Do I believe that BN will find any cash holdings in PIPS, ....ABSOLUTELY NOT!

hine

Indeed I was lucky (and suprised!) to get anything. There was just enough money realised to pay the secured creditors. This was from asset disposal, collection of debts owed, and from VAT and tax refunds from the government, due to recent legislation changes.

Originally Posted by Owen Platt

My personal opinion is that they will - but that is really up to the bank to conclude.

Yes indeed...and on what's left of it by then which won't be much!

As to the point raised regarding ROLClub and PIPsters, partial truth remains a fact that the conception of RC owes to the demise from an incommunicado state by PI Inc and BM in particular however, that gives no one to categorically support the fact about RC owing its existance purely on that merit... remember, if that was the insight for Marek to copycat like other forums to focus primarilly on PIPS issues... than it was a vain and hopeless miscalculation which I beg too differ. No one needs to feel more at ease here in the forum by thinking one is solely a Pipster with a privvy status to issues addressed by ANY postee registered with RC. on the contrary, RC is a forum addressing all issues and platforms members wanting to share ... under this blistering sun!


In another perspective, a very much healthier one to spare oneself the avoidable trauma and to contain the high blood pressure for the weak and faint hearted Pipsters.... consider it as a foregone give-away package you hope, can be viewed as a humanitarian gesture as pardon on Bryan & Sharon Marsden and no more... and carry on with something more that's more liquid and workable with the future.

I did and even if my losses is for some, modest by comparison... it remains peanuts as opposed to others who staked much more (we are those that can afford to lose the forgotten sum) and yet, it remains a loss to learn from but move forward with an uplift ASAP.... as long you can still breath and pick up another daily news journal at the news stand, man's resourcefullness knows no boundaries...so grasp that rope and revive what's good with life...

There are much more potentials out there then clinging onto the aftermath of BM and his case BN and the Malaysian courts are preparing on their trial for whatever charges are to be proven.


YB. - cheers to the RC CARE Group...

I am closing this thread and all that are related to the Marsdens/PIPS/Hallotto disguise deceit. For returning members wanting to trace or track related posts concerning the current development some call it a stupid saga, a farce and even a silly & endless waste of time, well whatever anyone feels opinionated by their individual viewpoints or argument, the Trial on the Marsdens is NOT over and far from closure hence, a main sticky thread will cater to that attention

at this link>>>:

http://www.rolclub.com/pips-program-...gnment-17.html

Any further new threads open just for the sake of an individual's ignorance to the progress surrounding the Marsdens or the Trial or anything else on PIPS or PicPay and all the parties involved will find their newly created thread deleted. Issues related to the past and further back in the past, will be posted in the above thread, click that and stay there with your submitted posts please. This is a start of some pruning and spring cleaning on the PIPS related Forum.