Please buy Wednesday Straits Times
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MLM man linked to abandoned Indonesian club project
MR JAMES Phang, the man behind controversial multi-level marketing (MLM) firm Sunshine Empire, is linked to a failed investment scheme that resulted in 1,000 Singaporeans losing about $2 million in total.
About six years ago, these investors had paid up to $3,800 each to become members of an Indonesian country club PT Magic Kingdom Island Resort Paradise.
Mr Phang's firm NOP (Number One Product) was the marketing agent for the club which was never built.
The resort was to have been developed on a 200-ha piece of land in Rempang, which is linked to Batam by bridge, boasting a hotel, chalets, a golf course and even a 1,000-sq-m shopping mall.
Some investors had paid the club membership fees via monthly instalments of $300.
The resort was set to open in July 2003 but the project was called off in May 2003.
It is believed that the investors never received any refund on their investments.
Mr Phang is adviser to Sunshine and founder of Empire Group Alliance, of which Sunshine is an associate.
Recently, Sunshine made headlines after it was placed on an investor alert list by authorities, both here and in Malaysia, as a result of concerns over its business practices.
In response to queries from The Straits Times, Mr Phang confirmed that NOP was marketing memberships of Magic Kingdom around 2001. He said NOP is now inactive.
Mr Phang said he knows many investors believe he is the 'dishonest businessman' behind the project. But he begged to differ.
Read the full report in Wednesday's edition of The Straits Times. -
no nit to buy lah.
we got subscribe de. -
Now the media turns its attention to SE ... Is this a sign of things to come ?
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Hmm is this a catalytic sign that speed up the catastrophe ~
Anyway, already emailed Sinchew Daily for the contact details of rightfully ownership of the piece of land in Pekan Blekang, Melaka, Mr Alex Lye.
Current status unknown, waiting for reply from Sinchew.
So i will not bashed SE yet, no solid evidence even though there are so many questions we had posted yet unanswered by the clones.
and yet they flame us and trying to threaten us by lawsuit which the facts were all actually taken from papers or C.S.I via online ~
clock is ticking, will it blow now or later? -
I will SIC later in the morning.
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Can save moneyOriginally posted by ^tamago^:I will SIC later in the morning.
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SE encounter at Malaysia, posted by forumer Shah11.
These sunshine empire is a waiting time bomb dear fellows. The main reason of this is mainly after I went to the office and follow their program and introduction, there are a few questions they cannot answer.
Sources Click Here
1. Why the contract agreement does not have reference number, uses photocopy A4 paper, terms and condition of contract only mentioned and support the company and none for buyers but why the company did NOT stamp or signed each agreement ???
2. Where are the terms and condition that support or right? None. Why only 1 party sign contract agreement (us) so how can you claim this agreement when 1 party?
3. They company could close and declare bankrupt and we have no rights to claim anything worst if SC also dont support us then how?
4. If its a profit making machine in this superspeed then why not just grab IPO??? or atleast take loan from international finance banking and pay lower interest then paying to the people at super high interest?
There many points they cannot answer my dear friends so becareful take your risk okay cause if they closed down out of sudden (ie earth quake destroy their facilities) you cannot take into court because there are no AGREEMENT, sign by both parties, stamped and honoured by legal.
I conclude this with as A Stupid Risk Taker Investor of the Year 2007.
TQ -
another scam project by Mr james
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Another SEA defending too much until backfired again ~
so another forumer said,
Q : Sunshine Empire has all the characteristics of a scam company. High return (so high it's crazy).
A: = Ya, high return, for us. But for company, it just took out their 10% of monthly profit for our member only. I also taking risk for get those money, NO RISK NO GAIN!!!!
Source Click Here <<< Funny Isn't Is So Many Controversial Version !
Don't know what talking you. SE claimed guarantee return... then you say 'no risk no gain'... -
juz take the risk lah.
if heng heng, u wun turn out to b the last batch they cheet. -
U noe, NKF got busted after ST turned its full attention to it
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MLM man linked to abandoned Indonesian club project
1,000 people lost $2m in the project that was called off just before it opened
Straits Times, The (Singapore)
Prime News
November 7, 2007
Author: Lorna Tan, Finance Correspondent
MR JAMES Phang, the man behind controversial multi-level marketing (MLM) firm Sunshine Empire, is linked to a failed investment scheme that resulted in 1,000 Singaporeans losing about $2 million in total.
About six years ago, these investors had paid up to $3,800 each to become members of an Indonesian country club, PT Magic Kingdom Island Resort Paradise.
Mr Phang's firm NOP (Number One Product) was the marketing agent for the club, which was never built.
The resort was to have been developed on a 200-ha piece of land in Rempang, which is linked to Batam by bridge, and promised a hotel, chalets, a golf course and even a 1,000-sq-m shopping mall.
Some investors had paid the club membership fees via monthly instalments of $300.
The resort was set to open in July 2003, but the project was called off in May 2003.
It is believed that the investors never received any refund on their investments.
Mr Phang is adviser to Sunshine and founder of Empire Group Alliance, of which Sunshine is an associate.
Recently, Sunshine made headlines after it was placed on an investor alert list by authorities, both here and in Malaysia, as a result of concerns over its business practices.
In response to queries from The Straits Times, Mr Phang confirmed that NOP was marketing memberships of Magic Kingdom around 2001. He said NOP is now inactive.
Mr Phang said he knows many investors believe he is the 'dishonest businessman' behind the project. But he begged to differ.
'I'm a victim of the failed project too. I was the one who reported to the police when the project was abandoned...I collected over $1 million from investors but I lost more than $6 million. I was in debt because of this project but I've paid up almost all of the debt.'
He said the debt included paying off NOP's tax and banks' credit facilities.
Mr Phang said that his younger brother was the chief executive of the project, but declined to elaborate.
He said he never hid the information that he owns NOP. 'I'm not in the wrong and I'm not scared. I stand upright.'
In a letter in 2004 to the 1,000 investors, PT Magic Kingdom blamed the Sept 11, 2001 terror attacks on the United States, the Bali bombings in 2002, the Iraq war and Sars for the project's failure.
Only $16,931 was left in its coffers, it stated.
When contacted, the Consumers Association of Singapore (Case) said it had received seven complaints on the failed project. In January 2004, Case met NOP representatives, who said they could not refund investors as it had suffered big losses in the project.
Investors were advised by Case to file their claims in Indonesia, where Magic Kingdom was incorporated. Some investors also filed complaints with the Commercial Affairs Department (CAD). The police were unable to respond to queries on its probe into PT Magic Kingdom by press time.
On Oct 24, The Straits Times cited sources as saying that Sunshine was being investigated by the CAD.
Sunshine has attracted the attention of the authorities as its activities appear to be like a pure investment scheme - but it is not licensed for such operations.
Incidentally, Mr Phang has recently claimed that Empire Group Alliance's property arm is involved in building a marine theme park, called The Magic Kingdom, in Malaysia.
[email protected]
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'I LOST MONEY TOO'
'I'm not in the wrong and I'm not scared. I stand upright.' MR JAMES PHANG, whose firm NOP (Number One Product) marketed a failed investment scheme that led to 1,000 Singaporeans losing about $2 million in total. He said he lost over $6 million himself because of the project and never hid the information that he owns NOP. -
Originally posted by ^tamago^:
Now we know why he needs to restort to such trick to make money ...
[b]MLM man linked to abandoned Indonesian club project
1,000 people lost $2m in the project that was called off just before it opened[/b]
Straits Times, The (Singapore)
Prime News
November 7, 2007
Author: Lorna Tan, Finance Correspondent
MR JAMES Phang, the man behind controversial multi-level marketing (MLM) firm Sunshine Empire, is linked to a failed investment scheme that resulted in 1,000 Singaporeans losing about $2 million in total.
About six years ago, these investors had paid up to $3,800 each to become members of an Indonesian country club, PT Magic Kingdom Island Resort Paradise.
Mr Phang's firm NOP (Number One Product) was the marketing agent for the club, which was never built.
The resort was to have been developed on a 200-ha piece of land in Rempang, which is linked to Batam by bridge, and promised a hotel, chalets, a golf course and even a 1,000-sq-m shopping mall.
Some investors had paid the club membership fees via monthly instalments of $300.
The resort was set to open in July 2003, but the project was called off in May 2003.
It is believed that the investors never received any refund on their investments.
Mr Phang is adviser to Sunshine and founder of Empire Group Alliance, of which Sunshine is an associate.
Recently, Sunshine made headlines after it was placed on an investor alert list by authorities, both here and in Malaysia, as a result of concerns over its business practices.
In response to queries from The Straits Times, Mr Phang confirmed that NOP was marketing memberships of Magic Kingdom around 2001. He said NOP is now inactive.
Mr Phang said he knows many investors believe he is the 'dishonest businessman' behind the project. But he begged to differ.
'I'm a victim of the failed project too. I was the one who reported to the police when the project was abandoned...I collected over $1 million from investors but I lost more than $6 million. I was in debt because of this project but I've paid up almost all of the debt.'
He said the debt included paying off NOP's tax and banks' credit facilities.
Mr Phang said that his younger brother was the chief executive of the project, but declined to elaborate.
He said he never hid the information that he owns NOP. 'I'm not in the wrong and I'm not scared. I stand upright.'
In a letter in 2004 to the 1,000 investors, PT Magic Kingdom blamed the Sept 11, 2001 terror attacks on the United States, the Bali bombings in 2002, the Iraq war and Sars for the project's failure.
Only $16,931 was left in its coffers, it stated.
When contacted, the Consumers Association of Singapore (Case) said it had received seven complaints on the failed project. In January 2004, Case met NOP representatives, who said they could not refund investors as it had suffered big losses in the project.
Investors were advised by Case to file their claims in Indonesia, where Magic Kingdom was incorporated. Some investors also filed complaints with the Commercial Affairs Department (CAD). The police were unable to respond to queries on its probe into PT Magic Kingdom by press time.
On Oct 24, The Straits Times cited sources as saying that Sunshine was being investigated by the CAD.
Sunshine has attracted the attention of the authorities as its activities appear to be like a pure investment scheme - but it is not licensed for such operations.
Incidentally, Mr Phang has recently claimed that Empire Group Alliance's property arm is involved in building a marine theme park, called The Magic Kingdom, in Malaysia.
[email protected]
--------------------------------------------------
'I LOST MONEY TOO'
'I'm not in the wrong and I'm not scared. I stand upright.' MR JAMES PHANG, whose firm NOP (Number One Product) marketed a failed investment scheme that led to 1,000 Singaporeans losing about $2 million in total. He said he lost over $6 million himself because of the project and never hid the information that he owns NOP.[/b]
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i rem it came out in TNP about four years ago
i posted abt it in the very first NTI threads, along with ST forum letters that were complaining abt NTI that time -
Well, I never had any vested interest in the First or Second Magic Kingdom, but do you think now it is possible for someone to actually gather the people who lost their money then at the time to come together and have legal representation (like Raffles Town Club) to sue James Phang for compensation and damages? I still know people who have kept all the documentation from Magic Kingdom last time when they bought the memberships.
If James Phang now claims that he or NOP is not responsible for the first Magic Kingdom going down the drain and not fulfilling their promises, will he also not claim that he has nothing to do with Sunshine Empire and also not responsible for Sunshine Empire not fulfilling their promises to those investors now? So who will current Sunshine Empire investors sue when things go down the drain?
That person would be the one whose name and face has been put as the face and president of Sunshine Empire, Jackie Hoo.
Why this "Empire" has so many small companies registered can only be a decoy. The one which is adversely affected will be closed down and these people will just pop up again a few years later with another scheme.
Kudos to The New Paper and The Straits Times for bringing this back to the attention of the public who it seems does not really have a long term memory when it comes to investing their money in people of dubious track record.
There's no SARS, Bali Bombing or Asian Financial Crisis to blame this time. -
3 words...i hate mlm
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the goverment is finally realizing that this can potentially become a big social problem if left unchecked I think ... -
the gahmen should have dealt with megachurches and megaMLM companies long time agoOriginally posted by Fatum:the goverment is finally realizing that this can potentially become a big social problem if left unchecked I think ...
and like NKF, there were warning signs, but nobody care -
big joke now.... -
These issue does not come under their job spec. so their million dollar salary does not includes all these ... you want them to do, increase anothe few millions lor ..Originally posted by laurence82:the gahmen should have dealt with megachurches and megaMLM companies long time ago
and like NKF, there were warning signs, but nobody care -
Previously, NKF...now is this Sunshine Empire.....and i'm looking at CHC next...
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i tink we have the same wavelength...Originally posted by dcx:Previously, NKF...now is this Sunshine Empire.....and i'm looking at CHC next... -
tao yan~Originally posted by aHGer^83:i tink we have the same wavelength... -
Originally posted by dcx:tao yan~
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So, when will CHC be on the papers AGAIN?
So, looking forward to.....