Investors hopeful despite warnings
PETALING JAYA: The controversial Penang-based money game firm JJPTR is not only raising alarms in Malaysia, but is also red-flagged by financial authorities in Singapore and the Philippines.
Despite that, its investors, which are said to number in the tens of thousands, continue to back the company.
The initials of JJPTR not only represent Jie Jiu Pu Tong Ren in Chinese (salvation for the common people) but are also linked to one of its associate companies, JJ Poor to Rich.
Seventy-two hours after the company came into the spotlight claiming its accounts had been hacked, resulting in potential losses of a whopping RM500mil, JJPTR founder Johnson Lee, 28, yesterday exercised damage control by promising to come out with a “very good” new plan within the next few days.
On the JJPTR Malaysia Facebook page, a voice recording, believed to be that of Lee, claims that he is still in Malaysia and is currently drafting a new scheme which he hopes to unveil by May 1.
“We’re discussing a new plan.
“I need to get the agreement of all the 40 branches before we can start this.
“We’re actually having a meeting tomorrow (today) and after the meeting, we will write the plan out in detail.
“I hope all of you can give me until May 1 for me to present this very good plan to you,” Lee said in Mandarin, adding that the plan could save those who experienced losses.
It was reported in The Star yesterday that tens of thousands of investors from all over the world, including Canada, the United States and China, stand to lose RM500mil in the reported collapse of JJPTR.
In the recording, Lee also told his investors not to “donate” or “lend” him any money to help him out in this situation.
“No matter how much you donate, you cannot make up the US$400mil (RM1.75bil) that was lost.
“Please don’t donate.
“A lot of people are using my name to solicit donations and I’m worried that you all might give the money to the wrong people.
“I don’t need this money,” said Lee.
For the past week, there has been intense talk online about the hacking job and the RM500mil in losses, but in his recording Lee put the figure at US$400mil.
A check on the JJPTR website, accessible only to its investors, showed that information about the latest scheme and news have all been removed.
Also “frozen” were the investors’ ability to make transactions on their accounts.
“We’re sorry, due to cut-off day all transactions will not be available. Thank you,” read a message on the website.
JJPTR, JJ Poor to Rich and JJ Global Network are the three forex trading entities listed on the website, www.jjptr.com.
The companies are among the 288 entities and individuals listed on Bank Negara’s Financial Consumer Alert as of Feb 24.
JJ Poor To Rich, JJ Global Network Sdn Bhd and JJ Global N Pte Ltd are also listed on the Monetary Authority of Singapore’s Investor Alert List since Aug 15 last year.
In the Philippines, the Securities and Exchange Commission advised the public to stop investing and to take necessary precautions in dealing with JJPTR.