You may have come across the above fund which has been aggressively promoted on steemit.com of late.
This fund has been making some bold claims and the fact that their telegram investor group has 1700+ members shows they have managed to attract the attention of quite a number of participants.
I posted an article on steemit.com with my observations about the fund and the people behind it about 19 days ago. Subsequently, I came across a sponsored post of AMFEIX today and made further observations by way comments to the post.
I am of the view that the fund needs further scrutiny and discussion and therefore wish to repost my comments here for the benefit of, in particular, my followers and, in general, the steem community.
Here are the comments I made to the sponsored post of AMFEIX:
"I have read all the comments here and would like to draw the attention of the readers to a review of AMFEiX I wrote about 19 days ago here. Please read it before proceeding with my observations below.
If you click on the "Company Registration" link in my post referred to above, you will notice that AMFEIX was originally registered in UAE as a "one owner company". However, if you now click "Company Registration" link on the AMFEIX website it shows the company is currently registered in Indonesia as a "two owners company". AMFEIX needs to explain this change in registration and explain why they are not choosing countries with strict financial supervision requirement.
The registration document is in Indonesian language. I would expect any serious business catering for the worldwide audience to provide a legal and official translation of the said registration document from Indonesian to English at the least. I am sure most of AMFEIX investors don't understand Indonesian.
It appears from registration document that AMFEIX has registered a private limited company in Indonesia with a paid-up capital of less than $9000. The company has one director and one commissioner, which are minimum requirement under Indonesian law to have a private limited liability company. Under the Indonesian law a commissioner is someone who advises and supervises the board of directors. The commissioner need not be a shareholder. In my opinion, for a company that accepts deposits for investment, a paid-up capital of less than $9000 is simply ridiculous.
It is my understanding that if a company conducts financial services in Indonesia it is required to have a license issued by the Financial Services Authority of Indonesia (known as Otoritas Jasa Keuangan or simply OJK in Indonesian). There is no evidence that AMFEIX has obtained such license. If there is an exemption granted to AMFEIX, that exemption letter should be displayed on the website for the sake of transparency.
With regards to obtaining licenses, I would like to refer readers to another of my instructive post here. Please note that even in a first world country like Switzerland investors were duped into investing and lost money. Indonesian laws are definitely not as stringent as that of Switzerland. Indonesia is an emerging market as per MSCI market classification, which simply means their market regulations are not as good as a developed country.
In its reply to a comment by
, AMFEIX said "Traders names are not public as it is in the best interest of AMFEIX that they stay with us." This is truly a lame excuse. If AMFEIX wants to retain their "skilled traders and analysts" they could do so with contractual stipulations such as paying bonuses and incentives in staggered manner, say 50% in January and the balance 50% in June. Staff who resign earlier would lose the bonus. This is just one proven method to retain good staff. There should be others.
Although the names of the commissioner and the director are given in the registration document, no details of their credentials are made available. Surely the investors are entitled to know this because they are asked to trust these guys with their money."
