Firm blocked from offering swiftlets investment schemes

Thursday February 11, 2010
The Star


PETALING JAYA: The Companies Commission of Malaysia (CCM) has obtained an injunction to prevent a company from offering investment schemes involving the commercial rearing of swiftlets; with promised returns to investors derived from the selling of bird’s nests.

The High Court ruling on Feb 9 on Golden Nest Properties International (M) Berhad also applies to the agents, staff and other entities of Golden Nest until the company complies with Section IV, Division 5, of the Companies Act 1965, said CCM in a statement.

Golden Nest will also have to register deeds of trust with the CCM before continuing with their business operations.

CCM said Golden Nest, which started operating in November 2008, guaranteed returns to investors who were involved in its bird’s nest investment schemes.

CCM advised members of the public to be cautious when investing in schemes which are not registered with any regulatory body in Malaysia.