Investors said the company announced earlier this year that it was in partnership with football club West Bromwich Albion FC. It appeared to be doing well, but purportedly began a downward spiral after the pound took a plunge following British election results on Friday.
Now, investors are worried following news that two of the company’s top fund managers suffered huge losses.
“Two of our top fund managers suffered about 95% losses this week to the tune of several hundred million ringgit. This is a huge blow to the company,” an investor named Jack told The Star.
Jack added he had invested about RM50,000 in the scheme over the last two years.
Another investor, SG Tan, said the fund managers had been doing well until the recent losses.
“I just hope we do not have to bear the losses. Just pay us the balance based on the limit of losses that we set,” he was quoted as saying.
A notice on the company’s Facebook page yesterday said the trades of fund managers conducted last Wednesday were under investigation.
“Trades of fund managers on 8 June 2017 are still being investigated and checked to ensure all trades of fund managers and their followers were executed correctly,” it said.
According to The Star, the company was founded in 2012 and has investors from Malaysia, Indonesia, China, the Philippines, Singapore, Cambodia, Australia, Hong Kong and Brunei.
Over half of the investors (55%) come from Malaysia, which is the company’s largest base. This is followed by China at 19%.
The company promises a passive monthly return of between 10% and 30%, with members able to earn a 5% referral commission on funds invested by their recruits, the report added.
The minimum investment is said to be RM420.