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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec

400 Chinese Investors Demand RM170 Million in Class Action Against MBI

MBI Group, founded by Tedy Teow Wooi Huat 15 years ago, started as a "members-only" investment program promising high returns. However, it has since been exposed as a money game, allegedly involving fraud and operating as a pyramid scheme.

In November 2021, around 400 Chinese investors filed a class action suit in the Kuala Lumpur High Court, seeking RM170 million from MBI-related companies, Tedy, his associates, and his sons, Teow Chee Chow and Teow Ee Meng. These investors are demanding only the return of their principal investments, excluding dividends and returns promised through MBI’s stock splits.

Initially, the trial was set for October 7, 2024, but it has been postponed with no new date announced yet. The lead plaintiff is represented by K F Ee & Co, while the defendants are represented by Chun Hoo & Partners and Jagjit Ariff & Co.

Tedy faces additional charges in China, where he is accused of defrauding about two million Chinese nationals out of RMB500 billion (over RM300 billion). The investors claim they were lured into purchasing M-Coins, digital tokens marketed as appreciating assets for use in MBI’s ventures. Many investors, like the lead plaintiff, were convinced by MBI’s strong presence in Malaysia and Thailand and were led to believe it was a legitimate multilevel direct selling scheme.

The class action lawsuit not only seeks to recover the RM170 million but also serves as a cautionary tale for those considering high-yield investment schemes. The outcome of the trial could set a precedent for similar cases worldwide.


source: theedgemalaysia

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