News from Auspips

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A quote from one of the people who initiated the Bank Negara proceedings:

I will attempt to add some clarity versus more unsubstantiated speculation. I was involved with the letter that went to Bank Negara. It was not writtten by Owen Platt. The purpose was to hold Picpay accountable for it's legal and fiduciary responsibilities. Under Malaysian law there are specific provisions as to how a payment processor is required to conduct business. The Payment Systems Act 2003 can be found here. Payment Systems Act 2003 Don't take my word or anyone else's - read it for yourself.

This effort was not initiated by a disgruntled group of Picpay merchants. It
was done by PIPSters just like yourselves who hoped that Bryan was who he said he was and that the dreams were possible. Through the efforts of several people who spent time in Malaysia trying to get to the truth, we determined that the stories offered as explanation by Bryan had no basis in fact. Accordingly we decided to take action so that no other people would be hurt by Bryan or Sharon's deceit and with the intention of salvaging whatever assets remained before they could be moved off-shore or spent unwisely.

Based on what we have discovered, it looks like there is little or nothing
there. No money other than $450,000 has ever been invested in anything other than Bryan and Sharon's real estate, restaurant and fashion disasters. When our people traveled to Malaysia they were shocked to see that Bryan bought property in what is a financially ravaged area with no retail traffic, huge vacancies and buildings partially constructed that have been abandoned for years. The $450,000 was placed into a trade by Gary just prior to his resignation.

Bank Negara is not sending a team of investigators to London because of PIPS. They have an office in London and are simply taking advantage of being there next month on other business and setting up a meeting with a few PIPS members so that they can obtain some corroborating evidence. They already have the servers and the database, but want to independently verify that the information on them matches our records. All they are interested in is accounting and bookkeeping information. They don't care whether we like or dislike PIPS, Picpay or Bryan - so people wanting to show up to express support is inappropriate. The investigators aren't interested in our opinions. They are doing their job which is to assemble the facts.

For those of you who think that Bryan requested the "audit" as he calls it,
you should understand that when a regulatory body conducts an audit they do not shut the business down to do so. This was neither requested by Bryan nor is it an audit. This was confirmed in communication with Bank Negara who initially charged him with running a business while insolvent which is a serious offense under Malaysian Law. If he had simply done what he told us he was doing with the money, i.e., investing it in Private Placement Programs instead of spending it, then PIPS and Picpay wouldn't be broke and he would not have been arrested. (Yes he was arrested and is out on bail.) What the investigators are doing now is looking at what other laws may have been broken with the possibility of other charges being brought.

The argument which has been put forth here and in other forums is that PIPS is a Panamanian company which means that the Malaysian authorities have no jurisdiction. That miht be true if Bryan had bothered to pay the renewal fees in Panama. Because he didn't the corporate veil does not exist and he is operatiing without it's protection. Additionally PIPS has bank accounts in Malaysia which the central bank has authority over. If it is determined that a crime or crimes were committed using those accounts it would not matter whether PIPS was a Panamanian company in good standing or not. Foreign corporations doing business in another jurisdiction still have to comply with local law.

The same people who contacted Bank Negara to try and stop the fraud, recognize that many people have been hurt by borrowing money or putting their life's savings into PIPS. We are in the process of setting up a rescue effort to help those who are in dire circumstances NOT those who are angry or disappointed that their dreams of millions are lost. The conditions under which someone may qualify for assistance will be posted in the next day or so along with a website for further information.

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THIS POST FROM GARY"S SON


bryce



Joined: 26 Apr 2005
Posts: 4
Location: australian/malaysia
Posted: Fri Sep 02, 2005 3:18 pm Post subject: COME TO REALITY

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Honestly you guys need to get over it all! yes the whole PIPS thing is dead in the water, finished, Bryan has no money, and the little money he has has all been frozen by Bank Negara. Bryan & Sharon have'nt showed there faces in town, around the Bistro's for weeks, they're hiding away and weeping in Melaka! Bryan and Sharon were seen today leaving the KL office with cohorts, Ayub and Ramhat who will appear all to be in deep deception covert meetings, planning there next coup or next opening of another disasteras SCAM in a ever deraliction of a place such as Nilai.
All the staff have been put off and havnt even been paid last months salery. With Bank Negara ever close up Bryan's ass, with all the server and CPU's taken into custody, how an earth could the pre- existed sites be up and running? So please everyone come to reality get over, its honestly dead in the water, and stop believing all this BS that Bryan is telling you!!

This was posted elsewhere a couple of weeks ago, old news.
Who is the original source? I forgot.
Much of this has already proven to be highly circumspect and/or outright untrue.
:?

This is a thread designed to inform albeit with truth or maintaining malicious undercurrents as expressed by Bryce, the son of Gary Nichols and once PI Inc Staff. However, it should be appropriately located in the General Chat after this and locked. This can be controversial and reading it is sufficient without luring further debate on the authenticity.

YB.