The first time personally meeting with the media since the alleged JJPTR hacking and loss of RM500 million, founder Johnson Lee verified that the loss his company incurred was US$400 million (RM1.7 billion).
- Claimed fully refunded investors of JJ2 account
- Confident of repaying all investors within 4-5 years
- New 35% returns plan: min US$25, max US$1K, limited to one investment per person – to counter greed
Lee claimed he could return the investments of his 400,000 investors worldwide within four to five years through his new investment platform. He had previously told Chinese daily Nanyang Siang Pau that JJPTR has 300,000 members in Malaysia, half of them in Penang alone, 50,000 in China and the balance 50,000 in 16 other countries.
According to Lee, he has fully refunded investors of the JJ2 account and will gradually repay those who invested in the JJ1 account.
“I will no longer return it through a monthly 20 percent dividend but will return the capital to members in a lump sum. But, this will certainly take time, I believe this can be resolved in about four years,” he told Nanyang.
Asserting that he had never cheated anyone, he said that he could have run away to the US to live comfortably. Instead, he would stay on in the country rather than lose his remaining supporters and the respect of his friends.
“Because I was also once poor, so I know that feeling, I do not intend to cheat people, so I choose to face it,” he was quoted saying.
The Malay Mail Online reported that Lee said he will give discounts, but not force JJPTR’s current members to invest in the company’s latest scheme which promises 35 percent monthly returns.
Apparently, the new plan offers a low entry point of US$25 and has other features to make it easier for the public to “invest”. Lee has also fixed a maximum investment amount of US$1,000 as a measure to deter greed, while verification through the Malaysian identity card will ensure that an individual only invests once.
Reportedly, only Lee and another person handle JJPTR’s foreign exchange trading. He insisted that 20 percent monthly returns were not impossible.
He revealed that the gains were through foreign exchange trading and bitcoin investment, claiming that the approach of others in putting a big stake due to greed resulted in vast losses. He said that his “disciplined” approach caps daily earnings to 1 percent to rack up the lucrative monthly returns.
He also alleged that JJTPR invests in various tangible assets such as in the film industry and grocery trade.
Lee has been facing a flood of criticisms from the public and he has been dealing with lawyers and the police, hence, it’s no surprise that he confessed to being exhausted. He appreciated his team backing him up, allowing him to rest and devise the new scheme.
On news reports that claimed he had used the hard-earned money of “investors” to buy branded bags for his girlfriend, Lee said, “My girlfriend is an Internet celebrity and also a young model helping to endorse a lot of brands. Naturally, she will receive sponsorship from these brands. Don’t need me to buy at all!”
Meanwhile, Chinese news portal MySinchew reported that in Lee’s interview with Nanyang, he said people who did not join JJPTR earlier would regret once his new investment platform takes off.
He also said it was a misunderstanding that his father Lee Thean Chye and ex-girlfriend were major shareholders of his company. He explained that he put them as shareholders for the sake of convenience when he first started the business two years ago.
In the video of the interview, Lee appeared calm, relaxed and confident.
If the hacking was genuine and he is the real deal, 28-year-old Lee has the fortitude to go far and make a really big name for himself. Otherwise, he sure is one crafty and convincing conman.
Time will reveal what he is, but for now, he is an enigma.
Apr 25, Game Over for JJPTR?