Disgruntled Chinese Nationals Arrive to Demand Action Against MonSpace

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Hints of investment scheme more controversial than JJPTR.

  • Angry Chinese Nationals arrive to lodge police reports against MonSpace
  • “Gimmicks” such as virtual coins and new airline to lure investors
  • DAP claims “involvement of key figures”

A group of 19 Chinese nationals hailing from different provinces in China have arrived in Malaysia over the weekend to lodge police reports against MonSpace (M) Sdn Bhd. They claim to have lost between 100,000 yuan (RM62,536) and 700,000 yuan (RM437,754) in an investment scheme by MonSpace last March.

Accompanied by a lawyer and a few DAP members, including Ronnie Liu, the victims said MonSpace had promised them huge returns – even up to RM1 million – which never materialised. The company also claimed it will be listed in the US. Most of the victims only realised they could have been scammed after having been involved in the scheme for a year.

They urged the Malaysian government to investigate and take action against the multinational firm which is based here. Most of the victims had invited their family members and friends in China to invest as well and were ashamed to face them now.

Liu alleged that the founder of MonSpace, Dato’ Sri Jessy Lai, used gimmicks to attract people to invest.

“Jessy Lai would talk about virtual coins and starting a new airline, and have all sorts of gimmicky events to attract people to join,” said Liu, a former state executive councillor.

According to the Companies Commission of Malaysia (SSM), MonSpace is a multi-level marketing (MLM) company and “e-commerce in good health” business established in 2014.

It came under scrutiny after the release of Bank Negara’s updated Financial Consumer Alert list on May 12 revealed companies and websites that were unauthorised to receive funds in Malaysia. MonSpace topped the list of 291 companies.

FMT news portal reported that the domestic trade, cooperatives and consumerism ministry have no record of issuing any licence to the company.

Segambut MP Lim Lip Eng said he had asked the government and the Chinese here to probe Lai in July last year. According to Lim, 90% of MonSpace members were Chinese nationals, with some of them investing millions of renminbi.

KL police chief Commissioner Datuk Amar Singh said police will look into the matter soon.

“Let me look at the reports lodged and we will get back to you,” he said in a press conference today.

The Star reported that in an immediate response, MonSpace said that it would take legal action against any group or individual making defamatory statements against it.

The company said in a statement to the media that it was functioning professionally and it had engaged a law firm to keep track of statements made.

On May 13, FMT also reported that several DAP lawmakers alleged that MonSpace investments were worse than the JJPTR money game.

Kg Tunku assemblyman Lau Weng San claimed that MonSpace has bigger influence due to the alleged “involvement of several key figures”.

Segambut MP Lim Lip Eng claimed that the fact the company was previously not “blacklisted” supports his allegations that “some people are protecting MonSpace from any probe”.

“Now, all of sudden, the company is listed as unauthorised,” Lim was cited as saying.

Reportedly, Lim also called on the Malaysian Communications and Multimedia Commission (MCMC) to investigate MonSpace for disseminating fake news via social media.

It is known that the company uses various social media platforms, including Facebook, to inform the public about their investment programmes.

According to FMT, a check with SSM revealed that five other companies were registered under MonSpace and all of them are shell entities without any asset or capital.

Suasa Airlines, which is owned by MonSpace, was probed by the Malaysian Aviation Commission (Mavcom) when it flew from Kuala Lumpur to Langkawi, allegedly without a permit.

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