Tan denies investing US$250m in get-rich-quick ‘Formula’
PETALING JAYA: Berjaya Corporation Bhd founder and executive chairman Tan Sri Vincent Tan Chee Yioun ( pix) has denied investing US$250 million (about RM1.03 billion) in a project known as “The Formula”, which allegedly promises huge profits and quick riches.
“The Formula” is allegedly a share trading platform that allows trades executed through it to beat the stock market with an accuracy of 80% thereby allowing users to make huge profits.
“I refer to a current online media entitled ‘Vincent Tan gives back to the people with his latest project” wherein it is reported that I have invested US$250 million in a project known as “The Formula” with a wish to make Malaysians wealthy.
“I would like to categorically deny that I have made any investment in this project or that I am in any way involved in it and there is absolutely no truth in this report which I believe has been put out by unscrupulous persons to deceive the public,” Tan said in a statement yesterday.
He said he has reported the matter to the relevant authorities so that appropriate action can be taken, and urged the public to be cautious about promises of quick riches and not to fall prey to scams.
Tan said this is not the first time his name has been used for the purpose of lending credibility to online investment scams.
On June 28, Tan exposed a dubious startup trading platform called “Bitcoin Formula” which used his name and doctored photos to promote its business.
An article claiming he had invested in and was promoting Bitcoin Formula, together with some photographs, was circulated on social media.
The article was accompanied by several photographs, with one showing Tan allegedly awarding a cheque for RM500,000 to Bitcoin Formula for winning the “Project of the Year” prize in a computer engineering “hackathon” in Kuala Lumpur, and another picture of him apparently speaking about Bitcoin Formula at a social business summit.
Both pictures were in fact images altered with the use of photo-editing software, and had originally been taken by theSun in March 2014 and January last year.
A check with the Companies Commission of Malaysia found that no company by the name of Bitcoin Formula exists.