MonSpace started operating three years ago and I believe that their investment schemes have grown bigger since,” Lau said in a press conference today.
Lau alleged that the multinational company has bigger influence due the alleged involvement of several key figures.
MonSpace came under scrutiny today after the release of Bank Negara Malaysia’s (BNM) updated Financial Consumer Alert list yesterday, revealing several companies and websites which the central bank said are not authorised to receive funds in Malaysia.
MonSpace topped the list of 291 companies.
Segambut MP Lim Lip Eng said that BNM’s list is proof that the company may be involved in illegal investment activities.
Lim added it was a mystery as to why no legal action has been taken by authorities against MonSpace since its inception in 2014.
Lim also said the fact that the company was previously not “blacklisted” supports his allegations that some people are protecting MonSpace from any probe.
“Now, all of sudden, the company is listed as unauthorised, ” he added.
Meanwhile, Lim urged the Malaysian Communications and Multimedia Commission (MCMC) to investigate MonSpace for disseminating fake news via social media.
It is known that the company uses various social media platforms, such as Facebook, to inform the public about their investment programmes.
A check by BNM revealed that MonSpace was registered under the Companies Commission of Malaysia (SSM) as a Multi-Level Marketing (MLM) and “E-commerce in Good Health” business.
However, the domestic trade, co-operatives and consumerism ministry has no record of issuing any license to the company.
In July 2016, Lim had asked the government and the Chinese embassy here to probe Jessy Lai.
Lim claimed that MonSpace used a direct-selling model – imposing a fee of RM500 for “normal members” and RM5,000 for shareholders.
According to him, 90% of MonSpace members were Chinese nationals – with each of them investing millions of renminbi.
A check with SSM revealed that five other companies were registered under MonSpace and all of them are shell entities without any asset or capital.
MonSpace came under scrutiny after Suasa Airlines, which it owns, flew from Kuala Lumpur to Langkawi without a permit. and this triggered a probe by the Malaysian Aviation Commission (Mavcom) as well