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UAE Security Authority issues warning against unlicensed investment firm

The United Arab Emirates’ Securities and Commodities Authority (SCA) has warned the public about Golden Brokers Limited, an unlicensed company operating a representative office in Dubai. The firm conducts all its activities without proper authorization, making it illegal to provide regulated financial services or investment-related offerings.

In a statement released on Wednesday, December 10, the SCA clarified that it does not assume responsibility for any transactions or dealings with Golden Brokers Limited. Investors were reminded to exercise caution and verify the licensing status of firms before engaging in financial operations.

This alert follows previous warnings issued by the SCA against other unlicensed entities, including Global Capital Securities Trading and Gulf Higher Authority for Financial Conduct, the latter of which falsely claimed regulatory authority through a website.

The SCA emphasized its role as the federal regulator responsible for licensing, supervising, and enforcing rules across the UAE’s financial markets. It routinely publishes advisories to help the public identify unlicensed operators and prevent fraudulent activities.

[thepenlive]

Another ‘Tan Sri’ Arrested in MBI Ponzi Scheme Investigation

KUALA LUMPUR, May 3 — Malaysian authorities have intensified their crackdown on financial fraud with the arrest of another high-profile individual linked to the controversial MBI International Group Ponzi scheme.

The suspect, a 53-year-old chairman of a property company based in Penang, was detained by police as part of ongoing investigations into large-scale investment fraud. According to officials from the Commercial Crime Investigation Department (CCID) at Bukit Aman, the individual has been remanded for five days to assist with inquiries.

Expanding Investigation

Law enforcement authorities confirmed that searches have been conducted at the suspect’s residence and office. Investigators also seized documents and other materials believed to be relevant to the case.

The suspect is believed to have played a key role in facilitating financial transactions for the syndicate, possibly acting as a proxy or collaborator in laundering illicit funds generated through the scheme.

Officials have not ruled out further arrests as the investigation continues to unfold. Authorities are expected to provide additional updates in a forthcoming press conference.

Background: The MBI Ponzi Scheme

The MBI International Group has been at the center of one of the region’s largest alleged Ponzi schemes, reportedly involving billions of ringgit and affecting numerous investors across multiple countries.

The latest arrest follows a major enforcement operation known as “Op Northern Star,” conducted between April 18 and April 21. During that operation, five individuals—including other high-ranking figures with titles such as “Tan Sri” and “Datuk Seri”—were apprehended across the Klang Valley and northern Malaysia.

Massive Asset Seizures

Authorities have also carried out significant asset seizures linked to the case. Among the confiscated assets are:

Durian plantations spanning hundreds of hectares in Pahang, Penang, and Kedah

Nearly 300 bank accounts containing substantial funds

Luxury vehicles and high-value personal items

A palm oil processing facility in Kedah

A hotel and a property development company in Penang

The total value of assets seized from the investigation has reached approximately RM3.51 billion, underscoring the scale and complexity of the alleged fraud operation.

Ongoing Efforts

Authorities emphasized that the investigation is still ongoing, with efforts focused on uncovering the full network behind the scheme and recovering misappropriated funds.

The case highlights the continued vigilance of Malaysian enforcement agencies in tackling financial crimes, particularly those involving large-scale investment fraud and money laundering.

[thepenlive]

The End of Expat Managers at TBI

In April 2012, when Ratna took over from Scott Martin, Luke Preece’s disgraced crony, the Indonesianization of school management was complete at TBI group schools. (Group schools are those which are those directly under the control of USG, also known as UniSadhuGuna.) For the first time ever, there was not one expat manager at a group-owned TBI school. This was a complete and drastic reversal from the situation of a just a short time before. As late as early 2010, all of their group-owned schools had expat managers. Why had things changed so much?

INDONESIANIZING TBI

Unlike their competitors, who still employ some expat school managers, TBI (The British Instiute) has undertaken to aggressively remove non-Indonesian managers, and there is now only 1 from 17 surviving at the school manager level- the best friend of Luke Preece, the corrupt Aussie who is the right hand man of the TBI Director. As late as early 2010, all of TBI’s five group schools- those listed in the table above- had expat managers. Now not one of them does. The dates in the second column show the point at which they switched from expat to Indonesian school managers.

In a period of two years between April 2010 and April 2012, every single expat school manager was removed from their positions. These five schools, with an approximate total enrollment of 3600 students, had over half of the TBI student enrollments during this period. In early 2010 they were 100% managed by an expat school managers, and now they are managed by locals in 16 out of 17 cases. This was a sudden and dramatic change, but bizarrely, at no point has it ever been explained, justified or even mentioned by Head Office to TBI teachers. TBI has even seemed reluctant to admit that the transfer of power had occurred. We received comments at some points denying that any such policy of ‘Indonesianizing’ school management existed, while it is plain as daylight. (See the above table).

Incredible as it may seem to TBI competitors, this shift was never formally acknowledged by TBI. Instead, they have vilified and attacked the sitting school managers and blamed it all on them. This ruthless campaign of vilification has claimed high-achieving school managers at times. The former school manager of TBI Kuningan, C, had boosted enrolments to a record high of 675 paid students just at the moment he was removed. This was a 35% increase on a year before. Similarly (more on this tomorrow) the same campaign claimed the head of an Australian RD, who was TBI’s most successful franchise school manager, with six hundred students enrolled at TBI Bogor. Rather than admitting this change of policy, Luke Preece, Ashley Platts and Mariam Kartikatresni at Head Office have conspired to vilify and defame their own managers and claim that they all deserved to be sacked or ‘removed’.