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Light at end of tunnel for Bestino investors

 | August 9, 2012

The investors held a two-hour meeting with Bestino managing director Chong Yuk Ming, in the presence of Aminuddin Hanafiah, the political secretary of the finance minister II.

KUALA LUMPUR: There seems to be light at the end of the tunnel for over 6,500 people who invested in the Bestino group of companies to the tune of nearly RM400 million.

The investors held a two-hour meeting with Bestino managing director Chong Yuk Ming, in the presence of Aminuddin Hanafiah, the political secretary of Finance Minister II Ahmad Husni Hanadzlah, at the Treasury this morning.

Bestino at the meeting agreed to provide details of the firm’s assets, A Gopal Nair the spokesman of Bestino Action Committee told FMT when contacted.

He said Chong also agreed to provide the details of the fund to the Ministry of Finance before end of the month.

“MOF will verify all the documents.They have also agreed to direct Bank Negara Malaysia (BNM) to facilitate the transfer of funds now parked out of the country back to Malaysia. This will allow the monies returned to the investors,” he added.

Bestino was involved in a gold trading investment business. A total of 6,764 people invested some RM400 million since 2006 in the business.

The firm was raided by the central bank and the Securities Commission (SC) in 2010 over suspicion of illegal money laundering.

Since then, investors have urged both BNM and Bestino to return their investment.

In February this year, Chong laimed that Bank Negara was yet to give the green light to settle the investors’ money.

According to a news report on Feb 13, Chong said Bestino was ready to return the money to the investors on April 30 since the company had US$146 million (RM438 million) in the HSBC Bank, Hong Kong.

This is despite BNM’s claim that there were no records to show that Chong owned properties outside the country.

“In the meeting today, Chong agreed to provide all the necessary details to MOF,” said Gopal.

He said towards the end of the meeting Husni joined the group and told Chong to honour his promise and settle the matter fast.

Gopal also said that the action committee would hold a Bestino investors meeting on Aug 12 at 3.00pm at the Buntong Multipurpose Hall (Dewan Serbaguna Buntong) to explain the outcome the meeting.


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