Beware of These Securities Companies!

Folks,

Yesterday, the Securities Commission issued a press release stating that they are investigating five companies named below "for suspected breaches of the securities laws in relation to dealing in futures contracts without licence."

These companies are:-

1. Jalatama Management Sdn Bhd (929594-W)
2. West Street Management Sdn Bhd (1063355-X)
3. JAB Oceanic Sdn Bhd (1057304-V)
4. JAB Consultant Sdn Bhd (1046272-D)
5. Xenovest Capital Sdn Bhd (1078155-A)

Two of the above companies offered me a position as an "analyst", and I was lucky enough not to accept their offer after checking with the SC first.

And furthermore, out of the two companies, one of them said that I will not be paid a salary, but instead, I will be paid a commission fee if I manage to bring a customer to trade shares with this company.

Isn't it ironic that you work for them day and night, but get nothing? I mean, let me rephrase again – isn't it stupid?

Anyway, the SC sent their enforcement team and conducted simultaneous raids at four of the company's office locations in Kuala Lumpur.

To assist SC's investigation, relevant documents and IT equipment were also seized, the statement added.

And, the SC said this: "none of the companies or its representatives are licensed by the SC to solicit for monies nor to deal in futures contracts".

Be careful folks, of these rogue companies!

EPF Issues Warning to Company Directors

Hey folks,

Today, Employees Provident Fund (or in Malay, Kumpulan Wang Simpanan Pekerja) announced stern warning to company directors to not fail in settling employees' contribution.

The statement said that in the first quarter of 2014 (1Q14) 278 company directors have prevented from leaving the country and their names have been submitted to the Immigration Department for further action.

The statement also added that 157 errant employers were fined a total of RM218,650 by the court under Section 43(2) of the EPF Act 1991. A total of 251 civil suits and 775 criminal cases were also filed with the courts against the company directors and employers who defaulted on their employees' monthly EPF contributions, it added.

Among the defaulting employers include:-

#	Company	Amount Fined by the Court
1	Kimpack Plastic Industries of Perak	RM 5,000
2	Syac Enterprise of Federal Territory	RM 4,000
3	Jurukur Putra and Grand March Sdn Bhd	RM 3,800 each
4	Intergrate Digital Solutions Sdn Bhd	RM 3,500
5	Caidmark Sdn Bhd	RM 2,500

Source: EPF press release

The statement went on to say that the court usually allow employers who were fined to settle their contribution arrears by installment of up to six months, with the EPF will credit all outstanding contributions to the respective members' accounts after the arrears have been recovered in full.

So take note, folks!