Vincent Tan denies investing RM1 billion in stocks trading platform

Vincent Tan. (Bernama pic)

KUALA LUMPUR: Berjaya Corporation Bhd executive chairman Vincent Tan has denied investing US$250 million (RM1 billion) in a project known as “The Formula”.

He was responding to an article, published online, titled “Vincent Tan gives back to the people with his latest project”, which was about “The Formula”, a purported share trading platform which claims to utilise an algorithm that allows trading executed through it to beat the stock market with an accuracy of 80%.

“I would like to categorically deny that I have invested in this project or that I am in any way involved in it.

“There is absolutely no truth in this report which I believe has been put out by unscrupulous people to deceive the public,” he said in a statement today.

Tan said this was not the first time that his name had been used without his knowledge or authority for the purpose of lending credibility to online investment scams.

“I have reported this matter to the relevant authorities so that appropriate action can be taken. I would advise the public to be wary of promises of quick riches so as not to fall prey to scams,” he added.