SSM raid date palm investment scheme

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.04 percent to 2,630 ringgit ($613.48) at the close of trade. It earlier rose to 2,654 ringgit, its highest since Aug. 1. Traded volumes stood at 32,666 lots of 25 tonnes each at the end of the trading day.

KUALA LUMPUR: The Companies Commission of Malaysia (SSM) and police raided the premises of a company offering investment schemes based on date palms on Wednesday.

The raid saw 10 SSM officials entering the Mid Valley office of “Date Palm Agro Berhad and Safawi Agro Farm” accompanied by the police.

In a statement, the commission said the company offered investment opportunities in date palm plantations in Kelantan, Terengganu and Johor.

The scheme's mechanics entailed each punter investing between RM3,000-RM5,000 in one date palm tree.

Returns would be based on the amount of fruit harvested, with the company claiming that it was possible to hit beyond RM1mil in 10 years according to SSM.

Investigations also revealed that this investment scheme in date palms was not registered with SSM, any government bodies or enforcement agencies in Malaysia.