The M’sian parties say police report filed against Swedish firm
PETALING JAYA: Four Malaysian parties are alleged to have suffered losses to the tune of US$65mil due to fraud in their dealings with a Sweden-based company.
The four are LCI Global Sdn Bhd, IMUX Asia Ltd, Stanton Technologies Ltd and Alan Rajendram. Rajendram is guarantor and former shareholder of LFE Corp Bhd. LCI and IMUX are subsidiaries of Linear Corp Bhd. All the companies were linked to Rajendram.
All the parties claimed that they have lodged a report with the Swedish police alleging embezzlement by Prime Savings & Trust Ekonomisk forening. Separately, Stanton claimed that it had filed for bankruptcy on July 16 in the district court in Sweden to wind up Prime Savings.
Prime Savings is an economic association which was established and registered with the Swedish Companies House in 2006.
According to Datuk N. Sivananthan, the solicitor representing Rajendram, he had through Swedish solicitors Advokatfirman Lindahl KB filed a notice of suspicious activities with the Swedish Financial Supervisory Authority (FSA) on this matter as it needed to be investigated.
Copies of the documents related to the alleged fraud were made available to StarBiz by Sivananthan and Lindahl.
StarBiz spoke to Lindahl’s legal associate, Bjorn Rundblom Andersson, in Stockholm yesterday who confirmed that his firm had been appointed by Sivananthan and the necessary filings to the Swedish police, court and FSA had been made but he could not confirm the docket number of the police report.
A copy of the petition for bankruptcy made available to StarBiz was also unsigned but Sivananthan explained that the original document filed was in Swedish, and the English version was a translation.
The report made to the Swedish police dated July 16 alleged that the four “suspected persons’’ had registered addresses in Spain, Sweden and Panama.
“We have found out that the website on which the trading was done has disappeared and its directors missing,” Sivananthan said.
The documents stated that the dealings with Prime Savings began in 2006 when the Stanton representative got an order to sell 6,000 units of the MC500 multimedia streaming device.
The payment for the device was made via a regular bank transfer.
Arising from the business dealings, Stanton was offered shares in a Danish and a Swiss company in exchange for its shares. Stanton was then en route for listing on the Dubai Financial Exchange.
This led to further dealings with Prime Savings which involved online payment transactions.
The account was used by the Malaysian parties to receive advance payments from their customers and to transfer payment to their suppliers upon acknowledgement of delivery orders.
Later, the four Malaysian parties had requested the profits from their trading activities be transferred to their respective banks but Sivananthan claimed Prime Savings did not do so and the excuse given was that “there is a dispute, cannot transfer.” Eventually the website disappeared.
The documents stated the balance due from Prime Savings to the four parties was US$49mil to Stanton, US$3.1mil to LCI, US$4.9mil to IMUX and US$7.5mil to Rajendram.
Lindahl in concluding its investigations in a letter to Sivananthan claimed that “Prime Savings is one of many related Swedish economic associations which have been used in large-scale fraud schemes aimed at foreign companies/investors.’’
By B.K. SIDHU
bksidhu@thestar.com.my
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