BY ALLAN JAY & & ELEAZAR BARRICK PETER
KUCHING: Real estate agents promoting questionable investment schemes and construction packages, can still face legal consequences.
This stern warning was issued by Malaysia International Humanitarian Organisation (MHO) secretary-general Datuk Hishamuddin Hashim this morning.
He warned that these agents can still face legal consequences, even if they are no longer associated with the same company.
This is because the victims often look for the agents involved rather than for the company itself.
“Those agents involved in offering dubious investments or fraudulent schemes can be subject to investigation and conviction under Section 108 of the Penal Code for abetment.
“We have received information that these agents were offered substantial commissions for their services.
“However, receiving a commission does not absolve them of accountability. We can include their names in police reports, leading to investigations and charges in court,” he said.
Furthermore, Hishamuddin pointed out that the company promoting land investment concepts with promised dividend returns is not registered under the Interest Scheme Act 2016.
Section 4(2) of the same Act mandates that any company offering investment schemes, regardless of the concept, must be registered with the Malaysian Companies Commission.
They are also required to issue information memos and prospectuses specified by the commission, in addition to establishing a trust fund and appointing trustees to oversee trust accounts.
“Based on our research, this company has committed at least 20 offences under the Interest Scheme Act 2016, including failure to register, appoint trustees, and open a trust account,” he said.
He urged the investigating agency to conduct a comprehensive inquiry into the investment scheme, stressing its direct impact on people’s homes and fundamental needs.
“We cannot afford to compromise on this matter. Failure to take action could allow the mastermind to perpetuate more scams in various iterations,” he added.
