(BT) LegCo warns public against scams
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(BT) LegCo warns public against scams​

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Last modified: 03/10/2014 03:35 PM |

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by: i:0#.w|bnmof\mohayazeed_jasni

LegCo warns public against 'get rich quick' investment scams

 

Tuesday, March 13, 2012

THE second minister of Finance urged the public to avoid the trap of various "get rich quick" schemes and invest on existing products that are managed by financial institutions approved by the government.

Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman Hj Ibrahim yesterday said during the 10th day of the eighth session of the Legislative Council that there are investment opportunities managed by financial institutions in Brunei, depending on the investors' preference and appetite for risk.

"For example, banks offer capital protector investment, which generally provide low opportunities such as fixed deposit and structured deposit," said the minister.

"For investors who prefer invesment savings and have a bigger risk appetite, banks and other financial institutions also offer wealth management service to meet their demands," he added.

According to the minister, there are currently 23 mutual funds licensed by Authoriti Monetari Brunei Darussalam (AMBD) being offered on the market. Majority of the banking institutions offer a rate of return of 3 per cent to 5.5 per cent annually.

The second Finance minister was responding to a question raised by LegCo member YB Hj Tahamit Hj Nudin, who was concerned about the rise of victims of "get rich quick" schemes and the need for more legitimate avenues for a healthy environment for nembers of the public to invest.

"The time has come for us to establish a smart investment in this country, as our people have been succumbing to illegitimate and unlicensed investors," said YB Hj Tahamit.

"These unlicensed investment companies come and go, causing losses of thousands and millions of dollars. The relevant authorities should have been taking the right measures in ensuring a secure environment for investing in this country," he added.

He also said that the younger generation today are more interested in spending than saving due to the lack of attractive avenues to save or invest.

The minister assured LegCo members that various public awareness programmes on "get rich quick" scams have been organised continually by the AMBD with the collaboration of relevant agencies.

He said that since January, 20,000 pamphlets on the schemes have been distributed to several banks, tertiary institutions, hospitals, health clinics and mosques, whereas a additional 30,000 more will be distributed to government departments, uniformed personnel and several private companies.

He also said that brief public service announcements have also been broadcast in local radio and television since last month.

"We want to remind the public to reject any sort of 'get rich quick" schemes that are actually unprofitable," said the minister.

"Basing on our experience two years ago, a company was brought to court and the perpretators were jailed and fined. But what is more saddening is that the money that had been invested will not be returned to the public, and this is why we insist the public to reject these sort of schemes and to not fall for unreasonable deals," he added.

-Courtesy of The Brunei Times. Click here for the original article.​