Company under the spotlight after investors did not receive payment

BUKIT MERTAJAM: The company behind JJPTR, the collapsed money game operator which claims to have lost RM500mil after its accounts were hacked, is a “RM2 company” registered with the Companies Commission of Malaysia (SSM).

A check by The Star also revealed that JJ Global Network Sdn Bhd, which was set up in 2015, had failed to file its financial accounts with SSM since it was formed.

JJPTR founder Johnson Lee (Chong Sen), 28, was listed as one of two directors and a secretary appointed on July 22, 2015.

Lee and his former girlfriend Tan Kai Lee, 24, each hold a single share in the company.

A two-dollar company refers to a proprietary company with a paid up capital of RM2. Effectively, if the company folds up, the shareholders only lose RM2.

Lee’s father Thean Chye, 58, and Tan are also directors of another company called JJ Global Network Holdings Bhd.

SSM records showed that Thean Chye was the largest shareholder, owning 850,000 shares followed by Tan with 150,001 shares while Lee only has one share.

Thean Chye, who was an assistant professor at Southern Univer­sity College in Johor, resigned on Wednesday after the JJPTR losses came to light.

Penang-based JJPTR, or Jie Jiu Pu Tong Ren in Mandarin (salvation for the common people) came under the spotlight when investors complained that they did not get their scheduled payment last month.

• List of firms on Bank Negara's consumer alert.

Members had invested between US$25 and US$1,000 (RM110 and RM4,400) and were promised monthly returns of 20%.

Lee had claimed that his company lost RM500mil due to its accounts being hacked.

JJPTR, JJ Poor to Rich and JJ Global Network are the three forex trading entities listed on the website www.jjptr.com.

The companies are among the 288 entities and individuals listed on Bank Negara’s Financial Consu­mer Alert as of Feb 24.

Meanwhile, a check at the office of Change Your Life (CYL) in Icon City here yesterday found it to be quiet as it was closed on weekends.

The company is said to be in distress and investors were given the choice of seeking a refund or converting the credit into life points.

A restaurant owner, who ope­rates a few doors down the road, said CYL had a grand official opening in February with numerous supercars making an appearance.

“It looked so grand and promi­sing. People must have thought the company was very rich and were convinced that they could share in its wealth within a short period,” he said.