Home / Sabah Local News
Report is lodged against jewellery firm
Published on: Friday, May 19, 2017

Tawau: A police report has been lodged concerning a series of charity events organised by a jewelry company believed owned by or connected to a Chinese national who had proclaimed himself to be the future richest man in the world, Zhang Jian.

The report was lodged by DAP Sabah Youth Chief Vincent Fung who was accompanied by Jufazli Shi Ahmad, a social activist and founder of Gerakan Anak Muda Selamatkan Sabah.

Following the report, Sri Tanjong Assemblyman Chan Foong Hin called for thorough investigation into the company, Zhang Jian Jewelry Sdn Bhd.

"DAP Sabah is concerned about the revival of Zhang Jian multi-level marketing business in Malaysia.

Zhang, the founder for YSLM first came to prominence in 2014 amid allegations that it is a pyramid get-rich-quick scheme," he said in a statement.

Chan, who is also Sabah DAP Secretary, pointed out that in that same year, the Ministry of Domestic Trade, Cooperatives and Consumerism claimed YSLM was a direct selling company that was not registered with the Companies Commission of Malaysia (SSM) and was operating without licence issued by the ministry.

He added that Zhang was also reportedly arrested in Thailand in late 2014 over RM605 million belonging to thousands in China, Malaysia and Thailand.

"The case caused an uproar in Malaysia but Zhang, the self-proclaimed future richest man in the world, was arrested and jailed in Thailand instead. After he was released he is making a comeback in Malaysia by issuing a virtual coin called Wu Xing Bi," Chan alleged.

He also revealed that there are nearly 300 illegal companies which are involved in forex and gold investments.

"They are not 10 or 20 but 288 companies. Since relevant information is available, why not charge them instead of just blacklisting them," he said in calling on the authorities to take tougher action against them.

News Categories

Most Read