JJPTR a ‘RM2 company’, says report

jjptrPETALING JAYA: Investors in the company which runs the JJPTR money game investment scheme may not be pleased to know that their hard-earned cash was entrusted to a “RM2 company”.

Companies Commission of Malaysia (SSM) records show that JJPTR founder Johnson Lee and his ex-girlfriend Tan Kai Lee are the two directors of the JJ Global Network, The Star reported today.

The records also show that the company was founded in 2015, with a company secretary appointed on July 22, 2015.

The company is also yet to disclose any financial statement with SSM as required, since it was formed.

By definition, a “RM2 company” is a proprietary company with a paid-up capital of RM2, thereby limiting its shareholders to a maximum liability of RM2, if the company ceases operations.

According to the daily, Johnson’s father, Lee Thean Chye, and Tan are directors in another company called JJ Global Network Holdings Bhd.

With 1,000,002 shares listed under this other company, SSM records show that the senior Lee owns 850,000 shares while Tan has 150,001 and Johnson, the remaining 1 unit of share.

Last Wednesday, Thean Chye had reportedly resigned from Southern University College in Skudai, Johor, where he had been working as an assistant professor.

JJPTR was in the news over the past week after it claimed its funds were siphoned off by “hackers”, resulting in losses of over US$50 million (RM217 million). However, unverified claims also put the losses at over US$400 million.

JJPTR’s money game investment scheme was established in 2015, promising returns as high as 20% a month to members.

Meanwhile, in a 90-second clip posted on the JJPTR Facebook page yesterday, Johnson said he was not out of the country as rumoured and still remained in Penang where the company is based.

He confirmed his location by filming himself pointing to the Komtar building in George Town when making his statement, before asking the media not to make false claims.

Wishing everyone a “Happy Labour Day”, he said the company would be closed for the holiday today.

Lee also reaffirmed his commitment to attend a dinner by JJPTR at the Berjaya Times Square in Kuala Lumpur on May 20, saying it would only serve vegetarian food.

In an earlier video posted on the same FB page last Friday, he said he would be attending the dinner with more than 1,000 investors.

In the same clip, Johnson also promised to refund all investment funds collected from its 31,000 members.

He said this was made possible through the injection of capital from a new pool of foreign investors.

He said refunds will also be given to those who had just sent in their initial investment capital as well.

“I will refund all capital that members invested regardless of whether members had already obtained their profit or not.

“As for members who already obtained their capital, I think they deserve to enjoy the previous returns on their investment,” he said in Mandarin in the video posted at 11.50pm on Friday.