First of all, I have been a member of PIPS since March 10, 2005. I have continued to read the forums and keep abreast of what has been going on, but lately since the bank has stepped in things have been very vague. I have continued to read things and talk to various people who I know are also involved in PIPS but nothing is making sense. So, I called the Central Bank of Malaysia with specific questions and here is what a Mr. Mallik from the Central Bank of Malaysia had to say:
Bryan Marsden is being charged with illegally collecting deposits without prior approval from the Central Bank of Malaysia. This a criminal offense punishable by up to 10 years in prison, or up to 10 million Ringgit find (approx $2.5 million dollars), or both.
I asked if PIPS Realty and the Children's Bible were allowed to operate. Mr. Mallik stated, that since PIPS Realty and the Children's Bible are legal companies they have been allowed to continue operations. Although, he did also say that illegal deposits have been collected and put into legal companies, he refered to this as money laundering. No further comment about that was made.
I asked whether PIPS Inc and PICPAY websites can continue? Mr. Mallik stated, that was up to Bryan Marsden, the Central Bank of Malaysia did not take them down.
I asked if our money was still being allowed to accumulate and grow and Mr. Mallik stated, that again that was up to Bryan Marsden.
I asked if the bank was going to help PIPS Inc get timely payments out to the members. Mr. Mallik stated that the Central Bank of Malaysia is conducting a criminal investigation against Bryan Marsden and they are doing nothing else otherwise.
I asked if people could get their money out of PIPS Inc and Mr. Mallik stated, contact PIPS Inc. I thanked Mr. Mallik for his help and the conversation ended. I called at 10:20AM Malaysia time on 9/15/2005.
Now, I am NOT trying to stir anything up here, I am just a concerned PIPS member who wants to know what's going on. I support Bryan completely and will help out in anyway possible. However, I would appreciate it very much if Bryan could respond to these questions and answers. And, tells us how we can help him.
I have filed no complaint against Bryan with the bank or anyone else. I was on a fact finding mission for answers. The one way we can help Bryan, is let the Central Bank of Malaysia do their investigation, do not complain because that will just make matters worse for us all. Let's get this thing behind us and move forward. Thanks everybody.
Castle
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17-09-2005, 06:35 PM #1
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My call to Central Bank of Malaysia
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17-09-2005, 06:42 PM #2
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Originally Posted by Castle
I'm sorry, what the heck. The bank can not tell you that Bryan will be charged with anything. With an investigation going on, and nothing done how do they know that he will be charged. And they wouldn't tell you, because I do not mean any disrespect to you Castle, but you are nobody, just like me and everyone else here. "Illegally collecting deposits without approval from the bank" is rediculous. I can collect money without approval, so can Bryan.
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17-09-2005, 07:00 PM #3
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Originally Posted by leftyken
I agree What the Heck???
I agree that with an investigation going on no one can clearly state any results at this time. Not that I discredit your conversation with the bank official Castle but I doubt he has the inside scoop at this time.Will Work For Food
Work like you don't need the money, Love like you have never been hurt, And Dance like no one is watching.
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17-09-2005, 07:01 PM #4
Castle,
This could not happen in my country...There is NO BANK Not even the CENTRAL BANK or any OTHER organization that can charge and sentence any person or organisation for ANY crime ...EXCEPT for the POLICE...and the Court of Law..
I don't know about Malaysia...but I ASSUME that it's the same there...
Just MY OWN Thoughts
Largo
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17-09-2005, 07:21 PM #5
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Who the hell is going to believe you!?
I have been a member of PIPS since March 10, 2005. I have continued to read and write in the forums to keep abreast of what has been going on, especially since the bank has stepped in things have been very vague. I have continued to read things and talk to various people who I know are also involved in PIPS but nothing is making sense. So, I called just any body who is at Malaysia with specific questions I was sure that anybody from Malaysia would be
1) aware of pips
2) know everything about it
3) allowed to talk to any ***** who can pic up a phone
4) have so much time in his hands to talk to me
5) be really nice to me
and here is what a Mr. Mallik from Malaysia had to say:
Bryan Marsden is being charged with illegally collecting deposits without prior approval from the Central Bank of Malaysia. Because in Malaysia, if you are going to collect money illegally you must first tell the bank. This a criminal offense punishable by up to 10 years in prison, or up to 10 million Ringgit find (approx $2.5 million dollars), or both.
I asked if PIPS Realty and the Children's Bible were allowed to operate. Mr. Mallik stated, that Although illegal deposits have been collected and put into legal companies like PIPS Realty and the Children's Bible these are still legal companies and they have been allowed to continue operations. No further comment about that was made.
I asked whether PIPS Inc and PICPAY websites can continue? Mr. Mallik stated, that even though these were built on money collected illegally, without the permission of te bank this was still up to Bryan Marsden, the Central Bank of Malaysia did not take them down.
I asked if people could get their money out of PIPS Inc and Mr. Mallik stated, contact PIPS Inc. I thanked Mr. Mallik for his help not realising he was just having fun making me look like a complete JACKASS and the conversation ended. I called at 10:20AM Malaysia time on 9/15/2005. and I'm only writing this now
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17-09-2005, 07:22 PM #6
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Funny these types of posts allways turn up at the weekend.
Nice try Castle, you have tried very hard to make this post sound plausable. Better luck next time.
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17-09-2005, 07:24 PM #7
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I don't mean to be a damper,but Castle never stated that it WAS the bank that was laying charges.It COULD be the police OR the courts,we really don't know, do we?What powers DOES the Malaysian central bank hold?
I support Bryan all the way,but IF this is true,then we'll just have to go with the flow.Time will tell,I suppose.I don't know anything about Malaysian law,but at this point,ANYTHING is possible.
Isn't 2%/day possible,even though so many people all over the troll forums keep emphatically stating that it ISN'T?
Just thinking outloud...
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17-09-2005, 07:29 PM #8
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Originally Posted by leftyken
Hello All
Well I had heard this before. And the bank would know about their own laws and legalities. If Picpay was started up as a payment gateway without the right procedures to do such then that would/could be a BIG no no on Bryans part. They would not even have to investigate to know this. So this they could already know! Heck even I could tell you that if Bryan did not follow the proper procedures in setting up Picpay that he could be in trouble. And I believe that the bank is probably getting so many calls, emails, faxes and such that I think they have probably decided to just tell the members that call up what is going on. So I would not discount this persons communication even though it does not fit into your dream world. The reality is that Bryan may not have set up Picpay properly.
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17-09-2005, 07:44 PM #9
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Hello All
All one has to do is look up the law in Malaysia to find out. As I did and here is the link. I would hope that the moderators would keep this up so people can see for themselves what Pips and Bryan may be going through. If moderators delete the link you can PM and I will give you the link there.
http://www.lawyerment.com.my/library...000000-5.shtml
Permitted: This is educational for EVERYone and its a great help for those seeking clarity. MOD - YB.
WHAT ARE THE FINANCIAL REQUIREMENTS AND DUTIES OF BANKING AND FINANCIAL INSTITUTION IN MALAYSIA ?
Every licensed bank or financial institution is required by the Central Bank of Malaysia to maintain
reserve fund
capital fund
liquid assets
assets in Malaysia.
Under Section 40 of the Banking and Financial Institutions Act 1989, every bank and financial institution must appoint each year before a date specified by the Central Bank of Malaysia, an auditor approved the Minister of Finance on the recommendation of Central Bank of Malaysia.
The duties of an auditor appointed shall be
to carry out, in case of local bank or financial institution, an audit of the accounts of the institution
to carry out, in case of foreign bank, an audit of the account of that bank in respect of its operation in Malaysia and
to submit a report of such audit to the members of the licensed institution
Within 3 months after the close of each financial year of a bank or financial institution, every such institution shall submit to the Central Bank of Malaysia, 2 copies of the following documents
its latest audited annual balance sheet, profit and loss account and statement setting out the sources of its funds, the purposes for which, and the manner in which, such funds have been utilized and
the report of
the auditor and
in the case of a bank or financial institution, the directors under Section 169(5) of the Companies Act 1965.
Every bank and financial institution shall within 14 days of the laying of its accounts at its annual general meeting
publish in not less than 2 daily local newspapers approved by the Central Bank of Malaysia, one which shall be in Malay language and the other in English and
exhibit thereafter throughout the year in conspicuous position at every office in Malaysia of the institution, a copy each of its balance sheet.
Apart from the above requirements, every bank and financial institution shall submit to the Central Bank of Malaysia
a statement showing the assets and liabilities of the institution at its principal place of business and at each other office of the institution in Malaysia respectively and
such further information, documents, statistics or returns as the Central Bank of Malaysia may specify.Last edited by YogiBrood; 17-09-2005 at 11:10 PM.
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17-09-2005, 07:59 PM #10
Castle joined this forum today and this is his first post. That tells me everything I need to know.
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