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BNM and Securities Commission investigate Bestino Group and its related companies

Posted on: June 17, 2009


Bernama – Wednesday, June 17

KUALA LUMPUR, June 16 (Bernama) — Bank Negara Malaysia (BNM) and the Securities Commission (SC) have commenced investigations into Bestino Group Bhd and its related companies on suspicion of conducting illegal deposit taking and illegal investment schemes.

In a joint statement, the central bank and the SC said the company was in breach of subsection 25(1) of the Banking and Financial Institutions Act 1989 (BAFIA) and the offering for subscription or purchase of preference shares in breach of section 212(2) of the Capital Markets and Services Act 2007.

The raids on Bestino Group and its related companies was conducted today at their premises in Ipoh, Perak and Petaling Jaya, Selangor following complaints received from members of the public.

Meanwhile, members of the public have been reminded to be cautious of deposit taking schemes and investment schemes offered through various channels such as the internet, phone calls or seminars conducted by individuals or companies that are not licensed, approved or authorised by the relevant authorities.

The public may refer to the list of licensed institutions authorised to accept deposits which is available on BNM’s website (www.bnm.gov.my) and the list of licensed intermediaries authorised to conduct regulated activities which is available on the Securities Commission’s website (www.sc.com.my). — BERNAMA

PJR AS

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