A concerned Malaysian writes about current affairs in Malaysia. If you like this site, please tell your relatives and friends. WE have the POWER TO CHANGE MALAYSIA. If you want to read earlier posts, please remove the "2" from this URL

Wednesday, October 04, 2006

A Fool and His Money Are Soon Parted

There is only one sure way anyone can retain their wealth and that is if they earned it by blood, sweat and tears unless the taxman decides he should redistribute your wealth.

That is the reason by some AP recipients have been suggesting that they will be unable to meet global competition come 2010 even though some of them have been enjoying AP benefits for the past 20 odd years or more than one generation.

It tells a lot about the type of entrepreneurs we have been developing. Didn’t anyone tell them that APs are not forever just like our oil reserves will be depleted within 25 years?

Some people have not been so fortunate as to receive APs – guess they did not have the right karma and so have resorted to other means to get rich.

If you know anything about investing, you should realize that if you can achieve 15% returns per annum you should be quite satisfied. But greed is always present in the human heart and schemers will always find a way to entice you.

Malaysian crooks are now more savvy and able to make use of the Internet to conduct their activities.
Guess they were encouraged by the government’s promoting of IT and decided they could also do other things with the latest technology.

According to this report,
"Those behind the scheme also claimed that investments of US$1,000 (RM3,700) or more could earn a profit of up to 300% after 15 months.”

Apart from the crooks who organized the scam, there is also some interesting information on some of the victims.

The report mentions
“Among the scheme’s purported victims are a lawyer, a consultant, a technician and the secretary-general of a government ministry. They claimed they had been cheated of nearly RM20mil.”

Somehow the reporter did not provide more accurate information. How did the figure of RM20mil arise?

Why did they not obtain or publish more concise details like, for example,

“Among the scheme’s purported victims are a lawyer (RM2m loss), a consultant (RM2.5m loss) and the secretary-general of a government ministry (RM1m loss).”

The taxman should check up the reporter to get more details on the losses.
It should be interesting to see how this case develops.


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