Thread: Is Bank Negara asleep?

Yes I know BNM investigators have a lot on their plate with all the other things going on in Malaysia. In fact I commented on that in a prior post. However, how long has it been now? wasn’t it back in August that they removed PIPS/PicPay data? We are just about to roll into December and according to Bryans’ most recent post BNM is still at it. How long does it take for a bunch of qualified auditors to run through PIPS and PicPay affairs? A month, two months at the most I would have thought. I have to wonder how much longer BNM is intending to drag this out. I hope people in the Orient live a very long time because it seems to take them forever to do anything.
Of course I realize nobody here can possibly know the answer. I guess I’m just venting my exasperation at what seems a case of dragging feet.

hmm is it possible to use third party auditor like Price waterhouse cooper, so the process more faster ???

I'm not going to pretend to know all the ins and outs of performing an official investigation into a supposed scam, but i'm sure there is alot of procedures and guidelines they have to follow. I think it should be done within a couple months assuming PIPS is not taken to court, in which case it will probably turn into another GINS.

Trade

If all the picpay & pips accounts are being audited (name/add. verification, & transaction history) individually (& possibly manually) then lets look at one possible scenerio.

Each BM officer audits 6 accounts per hour, works a standard day of 8 hours, then total accounts audited each day = 40. Then lets propose that 5 officers are assigned this task, then that would be 200 accounts per day. right? Lets also propose there were approximately 200,000 pips/picpay accounts, then we are looking at 1000 days!!! or 2.7 years!!! & that's working days, (mon/sat in malaysia). Now I don't think(fingers crossed.. as no other choice) it will take that long, but hopefully some of you will get the picture....

I dont think its something we can assess from our spot on the mountain..too many variables and too many unknowns.

However I agree it could take a long time (thought I highly doubt that long).

Trade

Originally Posted by AbunDance

If all the picpay & pips accounts are being audited (name/add. verification, & transaction history) individually (& possibly manually) then lets look at one possible scenerio.

Each BM officer audits 6 accounts per hour, works a standard day of 8 hours, then total accounts audited each day = 40. Then lets propose that 5 officers are assigned this task, then that would be 200 accounts per day. right? Lets also propose there were approximately 200,000 pips/picpay accounts, then we are looking at 1000 days!!! or 2.7 years!!! & that's working days, (mon/sat in malaysia). Now I don't think(fingers crossed.. as no other choice) it will take that long, but hopefully some of you will get the picture....

That about sums it up.There is no quick solution given the sheer size of pips and picpay.Now add the fraudulent accounts,merchants and DBR and what a mess you have.

Maybe all the auditing is already done.
Maybe the servers are returned and Pips and Picpay are cleared.
Maybe Bryan has programming for the new Pips site almost done.
Maybe the restructure is complete.
Maybe Pips is ready to rock again.
Only Bryan knows for sure, but I think we will all know for sure, very soon.
How much faith do you have in Bryan?
I only expect big things from him.
It's time to put on my dark shades....the future is lookin' very bright.

Is Gin base in malaysia? Hows and when the GIN checked by BN?

What different with pips and how long GIN been operating?

mmm

Originally Posted by AbunDance

If all the picpay & pips accounts are being audited (name/add. verification, & transaction history) individually (& possibly manually) then lets look at one possible scenerio.

Each BM officer audits 6 accounts per hour, works a standard day of 8 hours, then total accounts audited each day = 40. Then lets propose that 5 officers are assigned this task, then that would be 200 accounts per day. right? Lets also propose there were approximately 200,000 pips/picpay accounts, then we are looking at 1000 days!!! or 2.7 years!!! & that's working days, (mon/sat in malaysia). Now I don't think(fingers crossed.. as no other choice) it will take that long, but hopefully some of you will get the picture....

I understand there are only 80,000 accounts with PICPAY and OnlyPICPAY accounts are being investigated.

BNM web site: Info on PIPS, PureInvestor.com & related companies
http://www.bnm.gov.my