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Sunday, 5 April 2009

Bank Negara raids Walton International Property offices

Written by Joe Chin
Friday, 06 March 2009 17:09

KUALA LUMPUR: Bank Negara Malaysia raided Walton International Property Group (M) Sdn Bhd's offices in Kuala Lumpur, Kota Kinabalu and Kuching on March 5 under the Exchange Control Act (ECA) 1953.

The central bank said on March 6 the raids were carried out simultaneously following complaints received from members of the public.

"Relevant documents of the company were seized for purpose of the investigation," it said in a statement.

Bank Negara also advised the public to be cautious of this type of land banking schemes promoted by the company.

"Any elements of deposit-taking activities and public offerings such as 'interest schemes' or investment in real estates schemes (better known as 'real estate investment trusts' - REITs) should be referred to the appropriate authorities such as Bank Negara Malaysia, Suruhanjaya Syarikat Malaysia and Suruhanjaya Sekuriti," it added.

It also advised the public to use lawful remittance channels when making payment or sending money overseas.

1 comment:

Anonymous said...

Hi All,

I have checked with Bank Negara on the Walton's raid. The Bank Negara officer said they raided Walton not because their business is illegitimate, but because Walton is accused of using Money Changer to transfer money instead of the normal usage of a Bank transfer. According to the officer, Walton is still under investigation for the remittance issue only, and clarified that Walton's investment is legit and has no problems.

You can call Bank Negara yourself like what I did to do further researcvh before you invest. My friend has been investing with Walton for the past 7 years and she is very happy with the returns and protected capital.

I did some further research and found that insurance companies (I know who they are, but can't reveal, sorry) invest their collection of premiums with Walton too. The company also publicly announce their earnings and is audited by PriceWaterHouseCoopers. The downfall I can find with Walton is only illiquidity, meaning it takes many years to get back my investment.

I always think that investment is about investing extra money to make more money. Minimum investment with Walton as research is RM35k, so, I suggest that if the RM35k is not an extra you have, keep the money for rainy days as saving and don't make investment on anything at all, no matter what it is. I say this because investing with Walton needs high holding power, meaning the ability to hang on to your investment over a long period of time. If you can't then don't even bother.

After further research, I've decided to invest in Walton's expertise. Can only update you after 2-4 years when the land exits.

Happy investing! (same reply posted on Alan's blog :))

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