Friday, June 1, 2012

Land Banking Scam in Malaysia- Edgeworth Properties

Land Banking Scam in Malaysia- Edgeworth Properties

It’s sad that investors who invested over RM100,000 on Canadian land banking through its local chapter Edgeworth Properties (Malaysia) after it went into liquidation.
I have caution all investors in 2008 by giving tips before investing in Land Banking.
Read it at Land Banking: Secret Recipes to Wealth?
Have you ever ask this “wise” question?
“Why are they trying to sell overseas(Canadian) land to Malaysian?”
If the Land Banking is so “good”, why it was not snapped up by all the Canadians at the first place?

Do exercise super caution if you wish to invest real estates overseas.

Edgeworth Properties Inc
This overview of edgeworth is a good way to be reminded why we invested in Edgeworth in 2006-2007-2008. Also to measure the level of success experienced by investors.

All investors of land banking must conduct their due diligence and bears any risks arising from or connected with such investment.
“Why buy land you cannot see or touch? The best place to buy your land is in your own country where you know the rules and you know you can hold the company accountable when they default.” – Joseph Tan
Edgeworth Canada Land Title Scammed, Investors Press Conference photo session

Edgeworth Canada Land Title Scammed, Investors Press Conference
Edgeworth’s Land Title in Canada is worthless. Canadian Mr.Donald Hurst has scammed Asian Investors CAD $76 millions.
CANADA is one of the G8 countries. We believed and respect the transparency in laws. Where is the court justice? We have the land title but now become a toilet paper.
The judge who’s responsible for the Edgeworth’s case, owe us (4000+ investors in Asian) a Justice. ARE you hearing our voice here? Why do you protect a man who’s suspected involved in one of the biggest land scandals in CANADA? This is not the normal insolvency case. It’s a strategic well planned con job.
Could you please explain to us? We want our rights!
We filed numerous police report and given a media press conference. The news will be headlines and published in Malaysia and Singapore major newspaper. TV channel will broadcast this CANADA’s land scandal and how Canadian SCAMMED Asia’s investors in total CAD $76 millions. Moreover, the Edgeworth’s chairman Mr.Donald Hurst has received a protection from CANADA laws. What is this???
We are representing 4000+ investors in Asia and will bring all up to the country authority "National Central Bank" about this scammed.
We are serious about it. We would like to let every new or potential investor know about it, so that they can make a viable decision before consider making any investment in CANADA.
The Canadian law is there to protect the victim or the scammer. Whole world is watching it, how you restore the justice to 4000+ Investors, who has already utilized their retirement fund, education fund and healthcare fund for the investment in CANADA.

Could you please explain to us? We want our rights!

Some of the news extract:
In a fix over land deal
Malaysians and other Asians who invested in a Canadian land scheme through a property company are in limbo after it went into liquidation.
According to Chin Yoke Ling, who invested RM75,000, people from all over Asia had invested to buy 12 plots of land in Alberta from Edge-worth Properties Inc from 2007 to 2011.
“According to the sale and purchase agreement, the company would buy back the land from us with a return of 60%, 80% or 100% within two to five years,” Chin told a press conference at the Selangor MCA Public Service and Complaints Department yesterday.
Chin, who had lodged a police report at the Jalan Travers police station on Monday, alleged that the company had failed to transfer the titles to the purchasers’ names as agreed upon in the sale and purchase agreement.
She claimed in the police report that Edgeworth had taken out mortgages on the land without informing the investors who had already paid for the land.
“The land is now encumbered by mortgages which has resulted in Edgeworth not being able to repay our investment capital,” said Chin who was among about 60 people who brought their grouses to the department.
Malaysian investors are said to have paid the Canadian company, through its local chapter Edgeworth Properties (M) Sdn Bhd, investments totalling RM76.5mil.
Edgeworth Properties Inc’s headquarters was in Ontario, Canada, while its Malaysian branch’s office was in Menara UOA Bangsar up to its closure last December.
The Malaysian branch’s former country manager Lee Kim Haw said the Canadian High Court had ordered all the company’s branches in Canada and Asia to be closed.
He said the court had also appointed a restructuring lawyer, an auditing firm and a developer to look into the matter to maximise recovery and save cost.
Lee, who resigned from the company in June last year, said the court had also ordered the interests of all the Asian investors to be protected.
Selangor MCA Public Service and Complaints Department chief Datuk Theng Book said that such an investment scheme was illegal in Malay-sia.
However, he noted that Edgeworth Properties had engaged a reputable legal firm here to process the investment documents.
He urged the investors to complain to Bank Negara about the investment scheme and to the Bar Council about the Malaysian legal firm that had represented the company.
“The Malaysian directors of the company must also be answerable to the investors here,” said Theng.
He added that the department would bring the matter up with Selangor MCA chairman Datuk Donald Lim who is Deputy Finance Minister.
“We will ask Lim to take up the matter with Bank Negara,” he said.
60 in quandary after Canada land deal goes wrong
The dreams that soared with a promise of land in Canada have come crashing down for at least 60 Malaysians and an undisclosed number of other Asians.
Among the biggest losers is 60-year-old breast cancer survivor Cherry Lim, who invested RM85,000 of her savings in the scheme through a company that has since gone into liquidation.
Another victim is software engineer Ng Juinn Jye, who put up RM100,000 which the 33-year-old father had hoped to multiply for his children’s education.
The Canadian High Court offers a ray of hope for the investors. While ordering the company to close its branches, it directed the administrators to protect the interest of investors and “maximise recovery”.
Some of the Malaysians have lodged police reports and are heeding the advice of the MCA Public Services and Complaints Department to bring the matter up with Bank Negara.
RM85,000 heartbreak for breast cancer survivor
Breast cancer survivor Cherry Lim was shattered when she learned last year that she may have lost the RM85,000 she invested in a Canadian land investment scheme.
“It was a big chunk of my RM200,000 EPF savings which I can never replace,” said the 60-year-old Lim, who broke down in tears as she spoke of how she had slogged for 35 years as a human resources executive before retiring in 2008.
“It was hard-earned money and I have no other source of income. I had believed the returns promised would see me through to my last days,” said Lim, who has to spend about RM2,000 every three months for medication.
Lim said she had invested in the scheme offered by a Canadian-based property company through its local chapter Edgeworth Properties (Malaysia) after being told about it by her unit trust agent who was also an investment agent for the company.
Software engineer Ng Jiunn Jye, 35, also believed he could multiply the money he had saved for his children’s education by investing in the scheme.
“I invested about RM100,000 in 2008 after being convinced by an agent who told me the land we would be investing in came with titles and insurance coverage,” he said.
Besides assuring Ng that the venture was safe, the agent also convinced him that the value of the property would appreciate within the next 2 years and that he would receive a 60% return on his investment.
Both Lim and Ng said they were confident of good returns especially after company chairman Donald Hurst wrote to them in January last year saying that their investments were doing well.
However, their hopes were dashed when Hurst wrote again in April saying the company had run into problems due to various reasons.
“I just want the RM85,000 that I have invested and nothing else. My future will be very bleak if I cannot get the money back,” Lim said.
She and Ng were among 60-odd people who came to the Selangor MCA Public Service and Complaints Department to talk of their plight.

Edgeworth Canada, Donald Hurst in Singapore (July25,2011)
Is there any justice at all, for the poor victims of edgeworth??? Is anyone out there who believes in true justice going to do something??
this company started business in 2006. set up offices in singapore, malaysia, philippines, taiwan. collected funds from asians, selling undivided interest shares of raw land.
all this while, edgeworth had portrayed rosy and strong growth.
sent out notices during the last part of 2010 about maturity in June + Sept 2011, and early 2012.
even sent canadian tax forms for 3 project owners, indicating taxes must be paid off before receiving maturity (capital + profits).
the company sent beautiful newsletters in early 2011, indicating strong growth of company and project progress, with upcoming maturity and new partners in their business.
even in march 2011, they announced maturity on time for june 2011.
BUT…. in June 2011, the country managers, the chairman don hurst/hurts could not hide no more that the money disappeared in GOD-only-knows-where!! how in the world can so much money be spent simply? Talk about 40 years of business experience!!
came asia, hoping to clarify why the company could not pay maturity. hoping for more cash from asians. so this video shows you the kind of businessman DONALD HURST is.

15 July 2009. Suruhanjaya Syarikat Malaysia (SSM) refers to the articles
that appeared in on 10 July 2009, in the Berita Harian on 11
July 2009 and in Malaysian Reserve on 13 July 2009 respectively on
Edgeworth Properties (Malaysia) Sdn Bhd (EPM).
SSM wishes to confirm that its investigation into the business activities of
EPM revealed that EPM had issued genuine title deeds to its investors in
respect of land it had sold to them, located in England and Canada.
The investigation however revealed that the investment scheme operated by EPM is an interest scheme within the definition of Section 84 of the
Companies Act 1965 and therefore requires compliance with Section 91 of
the Companies Act 1965. Essentially, the section prohibits any person from
offering to the public for sale or subscription an interest in any interest
scheme unless at the time of the offer there is in force an approved deed.
Since EPM had failed to comply with Section 91 of the Companies Act 1965,
SSM had issued compounds to EPM and to all members of its Board of
Directors. The compounds have been duly paid by the company and its
SSM has also directed EPM to comply with the requirements under Section
91 of the Companies Act 1965 within 3 months, latest by October 2009.
Issued by: Suruhanjaya Syarikat Malaysia (SSM)
Dated: 15 July 2009

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