KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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 ...