Tuesday, May 11, 2010

Swiftlet farming firm raided

Swiftlet farming firm raided

KUALA LUMPUR: A swiftlet farming company in Kulim, Kedah, was raided by the Companies Commission of Malaysia for allegedly offering the public high invest­ment returns in a swiftlet farming scheme.

The company has been claiming that it can offer investors up to 80% share of the sales proceeds if a person invested anything from RM4,000 to RM400,000. The company’s modus operandi is to engage the public in a swiftlet farming investment scheme, the commission said in a statement.

The commission is investigating the company under Section 84(1) and Section 91(1) of the Companies Act, for allegedly running an investment scheme without the prior approval of the Registrar of Companies. “We will continue to monitor all companies offering interest schemes to the public to protect the interest of the people,” the statement added.

The Staronline Tuesday May 11, 2010

THE Companies Commission of Malaysia (SSM) has raided the business premises of Aeroswift Consultancy Sdn Bhd, which is suspected of offering the public investment opportunity in swiftlet farming with promises of huge returns. In a statement issued yesterday, SSM said the Kulim-based firm would claim it will manage and farm the swiftlets to obtain bird nests, which will be sold and shared at a ratio of 20:80 for the company and investor respectively.

It invites the public to invest up to RM400,000 and promised gross sales of RM120,000 a month and has been under surveillance prior to the raid.

Read more: http://www.btimes.com.my/Current_News/BTIMES/articles/20100511001854/Article/

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