Golden Nest Properties Confirmed Big Scam Now!
Rahim Saleh - Mon 20/Jul/2009 12:57am [Last Comment]
READ ABOUT THIS IN STAR PAPER KAWAN KAWAN !


Monday July 13, 2009

The Star Probe

Lure of the birds and nest


Located in a new commercial precinct, Jaya One, in the heart of Petaling Jaya is a company that invites people to invest in the bird’s nest business by asking them to cough up RM24,800 to purchase a “lot” but one has the option to buy more lots.

The company known as Golden Nest Properties International (M) Bhd has been operating for 10 months from the second floor of a new office development.

A call to the Registrar of Companies showed that it was registered under registration number 838068-V.

Starprobe started an investigation following a complaint via e-mail from a member of the public who claimed that the returns promised were “pretty high”.

He also claimed that he did not receive his refund of RM100 made as a deposit against the lot as the company said it was made “too long ago”.

A reporter went undercover as a potential investor to the Golden Nest office.

There, he found half-dozen scantily dressed young girls “persuading” potential investors or “assisting” them in filling up the application forms.

According to a company official, the investment has a guaranteed return of RM200 per month per lot for the first two years. In subsequent years, there is a minimum guaranteed return of RM700 per month per lot coupled with an annual dividend of RM3,000.

She claimed there were only 600 lots left to be subscribed and that they were going fast.

Once the lots were fully subscribed the company planned to list, she said, adding that the lots would be worth much more post-listing.

At the office, there was also a funkily dressed man addressed by the rest as “Datuk”.

He was there to answer any difficult questions posed by potential investors.

Another reporter, who made a follow-up call to the company with the allegations from the complainant, spoke to another company official who said that there was a 10-day cooling-off period for refunds of deposits.

“If it’s more than 10 days, a depositor will not get the refund,” he said.

The official also said the company was not offering the public shares but selling properties in which bird’s nests were being cultivated.

He said the company had properties or “farms” located in Klang and Sungai Petani and others in Johor and Malacca and was thinking of listing five years down the road.

“We spoke to the Securities Commission earlier in the year on our plans for listing and they said we need to come out with a prospectus. We cannot do that as the company is less than a year old,” he added.

He said if the company was approved for a listing, the lot owners would get share subscription forms.

Starprobe checked with the Securities Commission where a spokesman said there was no formal application or approval given to Golden Nest in its records.

The Golden Nest official said the properties owned by the company were existing properties that were under renovation.

“The RM200 returns promised in the first two years before the properties are operational will come from the proceeds of bird’s nest sales,” he said.

He said in subsequent years, the projected minimum income of RM560 per month per lot would come from harvesting the bird’s nests from the lots owned by the owners.

He said each farm had 1,260 lots of which only 48% or 600 lots were being sold to the public. The remainder would be owned by Golden Nest.

Niche: Diskusi Tuntutan Dan Tribunal | Bisnes Sarang Burung
 
1. Sendiri Mahu Ingat - Mon 20/Jul/2009, 12:17pm
They now on road tour to Johor. Batu Pahat at Katerina Hotel and Johor Bahru last week maybe at grand continental hotel or other hotel nearby. Please info this to you family, relative and friends to avoid any call invitation for free launching and others offer. They will send you sms for confirmation. At the last of their talk for 45 minutes the will insist you to buy even you do not want it. Another scam of vending machine in melaka raya company name Titanium Tower Sdn Bhd en. Saiful as the manager maybe from waterdrop. BEWARE  
2. ConcernCTzen - Sun 18/Oct/2009, 7:59pm
The same presentation was made on Oct-17 and Oct-18 in Penang. Regret that I did not check out this website before attending the presentation. Hope that the 10-day cooling period is honoured when we cancel the agreement. Heard that the group may be heading up north to Kedah SP.  
3. Bb78 - Sun 18/Oct/2009, 11:02pm
To Concern, have you write to cancel the agreement and ask for refund? I have just signed up this afternoon, I am so regret now, scared that I have been cheated.  
4. ConcernCTzen - Tue 20/Oct/2009, 1:16pm
We went back to request to withdraw from the contract. We wrote a note to Golden Nest Properties International (M) Bhd referencing the receipt agreement and payment agreement that we would like to withdraw from the contract as it was still within the 10 day cooling period, managed to get them to acknowledge on the copy of the note. However, they claimed that they could not reverse the deposit transaction as it was done via internet and assured us that they would not submit the claim to the bank so the amount would not be credited. We have been checking the online transaction past few days and found this morning that the transaction already appeared in our account, indicating that they have probably submited the claim for the transaction.  
5. Loo CY - Tue 20/Oct/2009, 9:44pm
I managed to withdraw myself of the deposit of Rm2k within the 10 days cooling off period, since August 09. But till now, they had not pay back. They have so many excuses, dragging days after days. I am cooling them recently to check, guess what, no more people answer the phone. I afraid, they run off already.  
6. Jl - Thu 22/Oct/2009, 11:57am
Omg! on 18 Oct my sis and me juz got invite to their launch at Trader Hotel,Penang. And we already pay RM800 as deposit!! What should i do now?  
7. Loo CY - Tue 27/Oct/2009, 9:47pm
I manage to call them, but incharge person not in. I will get them to pay me my refund. I had not report yet. If by next week I did not get my money back, i will make the report. Jl, you decide for your self, if they are difficult to pay a refund, in my case for around 2 months plus, still fail to refund me, how are you expect the good return by them? where is the trust anymore?  
8. Loo CY - Tue 27/Oct/2009, 9:50pm
I am really hope that they do keep to their promise and pay me my refund of Rm2K. To invest in them, they should show that they keep to their promises.  
9. ConcernCTzen - Sat 7/Nov/2009, 2:56pm
After closely following up with the credit card bank, with (1) the agreement withdrawal note carrying the acknowledgement from the Company obtained within the 10 days cooling period and (2) filing the claim dispute form thru the credit card bank also within the 10 days cooling period, the bank was able to help process the dispute claim and finally managed to reverse the transactions after about 1 week.
It is important to withdraw while within the 10 days cooling period with evidence of acknowledgement on the agreement cancellation from the Company and personally seek help from the credit card bank(ask to speak to the Bank Manager) to file a dispute claim with all the documents on hand. Just want to share the experience and process we went thru so that anyone else who fall into the same problem in future will know what to do and there is hope if we react fast enough.  
10. Kale - Tue 10/Nov/2009, 3:32pm
I signed up and paid the deposit in July 09. Had called them several times but could not get my refund back. A lawyer suggested that i get a 'small claim' form from the Mahkamah and file for it.( Provided your claim is less than RM5000.) If more people would do the same, we have better chance of getting our money back.
email me and i shall be glad to advise you. kathlsh@yahoo.com.. All the Best !  
11. Jacque - Sun 22/Nov/2009, 1:23am
They have their road show at Sunway Hotel, Seberang Jaya on 22/11/09.
Received their call today ,invite us to attend for the road show...
Got free buffet lunch,free voucher and blahh blahh blahhh...
Did ask the staff what is their company nature~~
He told me is a PROPERTIES Company from KL..and they would like to have some Project here -build a house and condo here..and would like to have our opinion bout this...
Luckily i did come here and survey, will call them to cancel my appoitment 2morrow..TQ  
12. Mrs Ooi - Fri 12/Feb/2010, 4:16pm
On 29/8/09, the company Golden Nest International Properties (M) Berhad invited me to invest Rm7,740 in this company. They offered me one week 'cooling period' to reconsider and do research on this company.
On 3/9/2009, I had found out this is not a good company to invest and intend to refund my money and i wrote a letter as attached.
Kenji Sar 018-3969698 passed my case to Alan Yeoh 012-6638733. Alan promise me will take one month to refund. I kepy called him and finally he said my cheque will be ready on 15.01.2010. When i called him up on this date, he refused to pick up my phone.
Therefore, i called the boss of this company Simon 012-2375383. On 4/2/10 he gave me an answer, the company will not refund any cent to me, i have to add rm60 to continue their investment.
The company managing director is Datuk Godfrey Wong Sin Chiew 012-3291818, he is group managing director of AUTRON GROUP OF COMPANIES.  
13. Medaline - Fri 10/Dec/2010, 7:22pm
i m one of the victim . All investors should group together to hire legal advisor to get back our money . All investors please contact me if you need your money back.  

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