This is the Bank Negara Malaysia email reply related to the case of Bestino Group Berhad Being Raided by Bank Negara Malaysia and Securities Commission Malaysian posted by one of  the reader that had send an email to query about the status of Bestino. Email as below has been modified by adding the hyperlink mentioned in the email.

***Begin***
Sir,

Thank you for your e-mail dated 14 October 2009.

We wish to inform you that raids on Bestino Group Berhad and its related companies were conducted on 16 June 2009 following complaints received by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) from members of the public. Please be informed that BNM and SC have commenced investigations into Bestino Group Berhad and its related companies for suspicion of conducting illegal deposit taking and illegal investment schemes, in breach of subsection 25(1) of the Banking and Financial Institutions Act 1989 (BAFIA) and the offering for subscription or purchase of preference shares in breach of section 212(2) of the Capital Markets and Services Act 2007.

We would also like to inform you that the completion of investigations on such cases may take some time, as sufficient information and strong evidences need to be produced before the outcome of the investigations are referred to the Attorney General's (AG) office. The AG office will then decide whether the respective company will be prosecuted in court. If the company is to be prosecuted in court, the court will make legal judgements on the company as well as determining the status of the investors' funds. Under normal circumstances, the trial process will take some time.

In view that Bestino Group Berhad and its relate companies are still under investigations, we are unable to comment on the status of the companies. Any updates on the investigation will be posted in our website at the following link: http://www.bnm.gov.my/index.php?ch=232&pg=744&ac=722#pending

Members of the public may refer to the list of licensed institutions authorised to accept deposits which is available on BNM's website (www.bnm.gov.my) and the list of licensed intermediaries authorised to conduct regulated activities which is available on the SC's website (www.sc.com.my).

We would also like to share with you that BNM and Securities Commission (SC) had in numerous occasions, (such as in the newspapers, advertisement and announcement in the TV and the Radio) reminded members of the public that they should only place deposits and invest with parties licensed by the authorities so that they are accorded the protection under the banking and securities laws. Unlicensed operators may abscond with investors' money and the investors may end up with no possibility to recover their investments or seek redress against the persons connected with the scheme.

If you have any information pertaining to illegal deposit taking activities or illegal foreign currency dealings or are a victim of such activities or scams you can send details of such information or complaint together with the documents to Bank Negara Malaysia as follows:

Unit Penyiasatan Khas (UPK)
Bank Negara Malaysia
Jalan Dato' Onn
50480 Kuala Lumpur
Fax: 03-26987467

UPK can also be contacted at the following telephone numbers:
Tel.: 03-26985708 / 03-26985724 / 03-26985776 / 03-26985785

Please be guided accordingly.

Thank you.

Dahlia Mohd Amir
BNMTELELINK
Bank Negara Malaysia
No Tel : 1-300-88-5465
No Faks : 03-21741515
Email : bnmtelelink@bnm.gov.my 

***End***

The actions and procedures taken by Bank Negara Malayisa (BNM) should be the same for all the relevant cases. Do heed the advice provided by Bank Negara Malaysia to avoid any scam investment in order to protect our hard earned money.

Hopefully all the involved Bestino's investors are able to recoup back their investment as soon as possible.

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