Thread: Our Date With BNM Next Week

Originally Posted by jakvp

Don't expect much, this is what I got from a Malaysian friend who was interviewed by BNM recently.

"Regarding the PIPS, i was called for helping the BNM investigation this morning. BNM is currently conducted nation-wide investigation & i suppose all Malaysian who are PIPS investors involved. BNM basically would like to know what are the investors' understanding concerning the PIPS & PICPAY. There were totally 3 pages of questions, quite brief, eg - how many account you have, what you know about PIPS, how to register & some other very basic questions....). According to them, BNM has to intervene because some Malaysians lodged a complaint on not receiving dividend or very late payment from PIPS. BNM wish to wrap up the whole issue hopefully by the end of this year, but they did not PROMISE anything concrete. Well, this is so far for PIPS. If PIPS is found guilty, then, there may be a Court case & we as the witness may be needed to present at the Court - hopefully this is not the CASE !!!!"

I then asked him if they told something about the chances for PIPS to come back and this is his answer :

"The BNM didn't really disclose anything (may be they are not suppose to before complete the investigation). From the way they talk, it seems that the chances is 50/50."

I think that's all you can expect for this moment. BNM is not going to tell anything until the investigation is over.

take care,

Jakvp

Interesting,

Thanks for the update. What I would suggest you do is before answering their questions, ask them if this is because program was illegal for Malaysian citizens, and if that is the reason you are being asked questions. Personally, I think this is where the real problems arose since it was clearly not available to citizens in the beginning, and when Bryan registered in Panama to circumvent restrictions, it was like a slap in the face to SC, so this whole dragged out ordeal is payback.

Everyone who reports is entitled to an answer as to on what basis these questions are being asked, so spread the word and have everyone ask the same question. I am sure more than a few would like to know what triggered this investigation, and since it was stated it was Malaysian citizens who complained, it would only make sense this was a surprise to SC since it was against their regulations. Registering in Panama served no purpose on getting around regulations. I just want to confirm what I have heard from another person who was called in. Bring a recorder with you, this way we all know the truth. (g)

Good luck to all, Mike

Interesting,

Thanks for the update. What I would suggest you do is before answering their questions, ask them if this is because program was illegal for Malaysian citizens, and if that is the reason you are being asked questions. Personally, I think this is where the real problems arose since it was clearly not available to citizens in the beginning, and when Bryan registered in Panama to circumvent restrictions, it was like a slap in the face to SC, so this whole dragged out ordeal is payback.

Good idea!

Anybody else who would like us to ask the investigators questions, can post
your questions here. We will do best to put the questions to the invertigating
officers. Please do not repeat the questions that are already posted.

Do not expect too much from this. Just trying to help.

P Chin

hey this is a great news and i am hopeful that things will be back by the end of this year.

Originally Posted by mubeey

hey this is a great news and i am hopeful that things will be back by the end of this year.

I suggest you read Yogi's excellent post on page two.Heres an extract

Better to spend your enterprising moneymaking braincells and remaining buck$$ elsewhere in the meantime...it will still take awhile and 1,5 to 3 years is quite the norm to hold onto the long drawn case as a whole. If it takes up to 4 or 5 years, well, one should be pretty busy by then with other successful programs or moneymaking markets that it doesn't matter anymore regarding Pips but forget we certainly won't, but to know what the eventful outcome after the entire investigation and/or any court decision...that will be the day worth waiting, for not any earlier with all the stress it has caused on some or more account holders...yes, a sad case but inevitable nonetheless.

Could take quite a time yet

In short words, pips does not making money thats why the payment keep dragging ,thats why Gary Nichole go away,thats why what Bryan had promised none work out.

When pooling of money come to end , bryan dragging payment .

2% program in beginning to get investment fund from investor.follow by 5 years trust plan ,houseloan plan,3% plan .....

I am sick with all these plans from Bryan.......

wake up pipsters.........

Originally Posted by mmm

In short words, pips does not making money thats why the payment keep dragging ,thats why Gary Nichole go away,thats why what Bryan had promised none work out.

When pooling of money come to end , bryan dragging payment .

2% program in beginning to get investment fund from investor.follow by 5 years trust plan ,houseloan plan,3% plan .....

I am sick with all these plans from Bryan.......

wake up pipsters.........

From your angle and argument, it may be a possible perspective and you have indeed that right to assume, next to so many other alternatives which needed months and years to sort out. You concluded in under 2 minutes typing speed...I wish BN works that way...we'll all be celebrating albeit with booze on another island like Hawaii or creating a large than LARGE Olympic size pool to contain our tears of sorrow...

It is still entertaining to follow the various options and suspicions gathered on the forum(s). ... a good pasttime 2B honest while cycling with our ROLClub Team doing extremely well on the other hand... healthy too!


YB.

This is my first post. Yes I'm one of the 500 malaysian pips members (figure given by BNM officer) ordered to present myself at BNM last week. The letter we received states that action could be taken if we don't comply with the order.

Besides what have been mentioned by others in the previous posts, I just like to add that the title of the form is something related to activities in Money-laundering ACT 19.. of Malaysia, and that we are there to serve as witnesses to the prosecution of BM/PIPS i.e the form that we filled will be regarded as sworn testimony from witnesses with evidences like deposit slips and withdrawal checks received. We were reminded of our duty under some relevant act to inform the truth and if any of our answers in the form are false we could again be persecuted.

I took the opportunity to ask the officer, with the testimony of 500 people (if everybody turned up) what is their chance of success in the prosecution. The BNM officer is quite confident that they'll win if they decide to go to court cos they have been successful with a number of similar cases which involved deposit taking, though he admitted that PIPS operation is much more complex.

Lastly I asked him about BM, whether any specific action has been taken against him. The reply was BM is freed under police bail and not allowed to leave Malaysia until this case is settled one way or the other.

Well,

If this is anything like the sham in SG re GINs....this case is allready lost!

Sounds like the same process is happening.

Time will tell..............

Thanks for the updates Pchin

THANKS, henrydinar!

Your first post but certainly the best post I've seen in a long time.

From what you say, it seems clear that the investigation is basically an exercise to collect evidence for what BNM already presumes to be fraud.

Jimmymack,

The difference between the GINS case and this one is:

- speed,
- relative transparency,
- evolutionary clarity( one doesn't need an "investigative"/conjectural thread to put the pieces together! LOL!! ),
- members know how much and where the money is stuck in,
- the money is earning interest of 1.6% pa( whether we'll get it back is another matter! )........and last but not least,
- AN ADMIN/BOSS that communicates!!!

Originally Posted by fluffy

The difference between the GINS case and this one is:

GINS was in Singapore and PIPS is in Malaysia.