Swisscash Investment Scam Settlement: FAQS

Investor Affairs


Swisscash Investment Scam Settlement: FAQS

Q1: What is the current status of the civil suit taken by SC against those involved in the Swisscash activities?

A:  The SC has entered into consent judgment with Albert Lee and Amir Hassan on 6 November 2009 in which they have agreed to pay the SC in total a sum in excess of RM30 million which will be used to compensate investors.

Q2:  How soon will investors be able to get their monies back?


A: While the SC would like payments to be made as soon as possible, there are several steps that need to be taken including submitting the criteria for eligibility to court, appointing an Administrator, posting the advertisements in the newspapers etc. Realistically therefore, we expect the first batch of payments to be made early next year.

Q3: What happens now? What steps will be taken now by SC?

Step 1: The SC will appoint an Administrator and will work with the Administrator to provide the court with a framework for the eligibility of claimants and the plan for distribution.

Step 2: Get the court order approving the framework


Step 3: The Administrator will manage the processing of claims which includes advertising for claims and deciding on the eligibility of investors.

Step 4: Eligible investors will be notified and payment will be made.

Q4: How will you decide on the eligibility of investors?

A: Eligible persons would be those who have sufficient proof of their principal investment and who have not been involved in the scam as recruiters. Where profits have been made from their initial investments, such profits will be deducted from the claim sum. Claimants would have to show documentary proof of their investments in the scheme. Additionally, there will be other criteria such as whether they invested in the scam despite the warnings by the authorities.

Q5:How much will I be eligible to receive?

A: That will depend on whether you have met all the criteria of eligibility or not particularly acceptable documentary proof for your claim.

Q6: What proof will I need to submit to the SC?

A: Please submit proof of your investment with the Swisscash investment scheme, photocopy of your identification card or passport and proof of payments to the Swisscash by way of Telegraphic transfer, bank transfer, internet banking. We will only be able to compensate investors who can prove that they had invested with Swisscash and had lost their initial investment. Claims can be processed and approved speedily if proof is provided to aid the auditors assessing your claim.

Q7: I only have photocopies of payment I have made to the Swisscash scheme. Can I still submit a claim?

A:Yes you may still submit your claim but that may not assure you of being successful in your claim.

Q8:  What if I do not have proof of payments as I had handed over cash to an upliner?

A: You may not get your investments back as the payment has to be administered based on the strict criteria.

Q9:Why did the SC only obtain RM30 million when the judgment obtained in 25 September 2008 was for the sum of USD83 million?

A: The judgment of USD83 million was the amount mentioned in the suit we filed against Albert, Kelvin & Amir Hassan. The evidence which we had gathered during investigation indicated that there was possibly up to USD83 million in total investments made by Swisscash investors. So when we applied to court for judgment at the time, we quoted the maximum investments that were made.

If we had been successful in repatriating all the sums we had traced overseas, the figure would have been close to the settlement amount of RM31 million.

Q10: Will I get all my money back?

A: As the SC has a fixed amount of funds to compensate investors, approximately RM30 million, we will need to assess the total number of affected investors who submit claims coupled with the eligibility factors mentioned above. Additionally investors will be compensated based on the amount of their initial investment only. Profits will be deducted from the amount of investment.

Q11: I have previously submitted a complaint to SC. Will I need to resubmit my complaint?

A: If you have previously submitted a complaint to our Investor Affairs department, you will not need to do so again unless you have additional documentary evidence to support your claim.

Q12: I invested after the SC's warning was issued on its website on 5 September 2006. Will I be able to get my money back?

A: There is a possibility that you may not get your investments if you have invested past this date. However, the SC will propose a reasonable cut off period so as to ensure that investors who may not have been aware of the scam are compensated.

Q13: I helped to recruit others to join and invest in the scheme. Will I be eligible to get my money back?

A: One of the eligibility criteria in compensating investors is whether or not the investor was actively involved in recruiting others and therefore be considered as abetting the scheme. Any investor who was also involved in the scheme as a recruiter or an upliner would not be eligible to claim their money back.

Q14: What happens to the monies in foreign jurisdictions that the SC was trying to repatriate?

A:  We will not continue with these efforts as the consent judgment is intended to allow the SC to use the monies provided by the defendants for purposes of restitution.

Q15. I am a foreign investor. Will I be able to get my money back?

A:  Your claim will be processed together with the other claimants. However you must furnish sufficient proof of your claim. We will however need to determine whether a separate set of criteria is necessary for foreign investors and this criteria will be submitted to the court for its endorsement.

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