46 uFun Club affiliate incentive condos seized
Ever wondered where uFun Club’s top recruiters stayed when attending uFun Club galas in Thailand?
The answer is in one of 46 condos the company had purchased using investor funds.
The condos have now been seized, as part of the latest efforts by Thai police to recover assets from the $1.17 billion dollar Ponzi scheme.
The forty-six condos seized are worth $2.1 million USD and are located in Bangkok’s Bang Na district.
As per the police investigation, uFun Club executives bought the condos to provide accommodation for international affiliates who “met recruiting quotas”.
And you can bet if they had this sort of a set up in Thailand, that’s its highly likely a similar arrangement exists in Malaysia.
You don’t think Dato Dan and his buddies are paying for their own digs, do you?
Yet despite this, authorities in Malaysia continue to pretend a billion dollar Ponzi scheme isn’t operating right under their noses.
Condo manager Suwiwat Suwan said Arthit Pankaew, a fugitive suspect, had bought the units to support leading members while the company take care of utility bills.
The good news is that by tracing where the funds to pay for the units originated from and how they were paid, Thai police might uncover additional assets to seize.
For now though that’s going to have to wait, as the developer of the condos is abroad.
Pol Lt-General Suwira Songmetta said police would soon summon the developer, who is on a business trip to Hong Kong, for questioning and impound the units for the Anti-Money Laundering Office to probe the money trail.
I’m resisting the temptation to read too much into that for now.
Meanwhile in speaking to the press, Thai police also used the opportunity to refute falsities that continue to be spread by uFun Club management and investors.
Suwira said UFUN’s claim on its website that the company has been bullied by police, who were motivated by the chance of getting a 25-per-cent share of the seized assets, was untrue.
Also untrue was the claim that the company’s attorney was seeking a list of the people who file complaints to the police.
Police would not publicly reveal the identity or faces of the victims, he said.
I did try to see where this information was published on uFun Club’s website but didn’t turn up anything.
In any event, this sort of garbage is typically circulated by top investors of Ponzi schemes under regulatory investigation. The idea is to create as much confusion between investors as possible, so that those at the top can continue to make a clean getaway.
With most of uFun Club’s investor-base still in denial about the $1.17 billion Ponzi scheme, they’re pretty much willing to believe anything they’re fed by their uplines.
Meanwhile back in reality, we’ll keep an eye out for any further developments this week.
so, ufun was lying about the seniority of soonpan too!
these are the related ranks for general in the thai army in descending order:
general
lieutenant general
major general
ufun conveniently addressed soonpan as ‘general’ from the postings i have seen on the net.
and it’s great that thai police are planning to press charges against soonpan for improperly using military uniform and insignia, i was wondering how thailand can allow its armymen to abuse their posts in such a manner. retired officers cannot strut around in full uniform.
I mentioned relatively early in the initial review thread that military officers have “dress codes” and “professional rules of conduct”.
Athiwat Soonpan actually lowered the trustworthiness of uFun / uToken because he didn’t follow the correct rules.
People with no military experience may have been impressed by “general Athiwat Soonpan” fronting the program, but he had the opposite effect on me.
after selling 30 condos to ufun affiliates [and pretending to OWN the gateway project], danial tay of ufun, is off to sell some nickel, while pretending to be in a joint venture with a billions dollar worth nickel mine in indonesia.
even ufuns marble mining JV in thailand, turned out to be more like a selling agreement than a partnership.
apparently, all you have to do is turn up at the site and take some photographs and announce that you are in a JV with a 19 billion dollar nickel mining project in indonesia.
if it’s true, the indonesian press will definitely announce this JV and ufun members must demand definite proof before they buy more utokens based on this new photo op.
for some reason, danial tay is being called Datuk Chang Jing Long, instead of tay kim leng.
congratulations to malaysia, for letting these guys travel in and out real easy peasy, to spread their fraud across nations.
malaysia must be in a bad financial mess, to send its citizens around the world to suck up ponzi funds into malaysia! hey ufunners! instead of a nepal relief fund maybe you should collect for a malaysia relief fund 🙂
The way Malaysia and in particular Bank Negaro Malaysia handled the PIPS case and Brian Marsden soured me on the whole country. In my own mind, they didn’t have much of a law and order reputation to uphold.
PT sinar mas, is indonesia’s Biggest Conglomerate.
there’s no way in this universe that PT sinar mas will be doing any JV’s with ponzi schemers from malaysia.
PT sinar mas mines coal, i could not find them mining nickel in kendari, sulawesi.
the photo op which ufun management has indulged itself in, is of some unknown mining site, nowhere is there a sign board in sight, which reveals the name of the mining company.
it’s all a BIG LIE, to keep the hope of faithfuls up and investing and not complaining. after all there are 6 billion dollars of ‘profit’ to be made, all the ufun pavlov dogs will salivate at the mere expectation of monay!!
do check out this photo of danial tay, resplendent in white, posing like a pukka bollywood hero 🙂
facebook.com/UFun.Philippines/photos/pb.1472967036275679.-2207520000.1430749946./1605447036361011/?type=1&theater
Different Chinese transliteration scheme.
Tay Kim Leng is a more Cantonese/Toisanese transliteration. Chang Jin Long is a regular Pinyin transliteration. I think I gave his actual Chinese name before.
@anjali read carefully sinar indonesia not sinar mas.
Here: nationmultimedia.com/national/Police-want-status-of-UFUN-scheme-elevated-to-tran-30259334.html
the ufun philippines FB page announced a JV between ufun and ‘PT Sinar Indonesia’.
PT means Perseroan Terbatas or ‘limited liability company’.
sinar means ‘ray’ ‘radiance’ and is a word used by several indonesian companies. examples:
PT. Sinar Unigrain Indonesia [grains]
PT Sinar Suminoe Indonesia [fabrics]
PT. Sinar Pure Foods International [food]
..and many more.
so, the company name provided by ufun members ie ‘PT Sinar Indonesia’ is either incomplete or doesn’t exist.
i found a company ‘pt sinar indonesia raya’, which is a placement agency.
i could not find a ‘PT Sinar Indonesia’ nickel mining company.
i request mr A to give us a link to this mining company, it is possible i am wrong in understanding the nomenclature of indonesian companies. so, mr A should clarify this for everyone’s benefit.
Is it just me or does investing 20 billion to return 6-7bn profit over 7 years seem like a terrible investment?
oops, it’s difficult to keep up with the variations in asian names!
@anjali im from indonesia and i can tell you not every company have profile in the internet.
Specially if from kendari i doubt they have website right there is very hard to have internet connection.
uh, a USD 19 BILLION project does not have an internet profile , because um, kendari is a remote area ???
everybody run! mr/ms A, is here to burst an idiocy bomb of incalculable potency !!
mr/ms A, just give us the Name of the mining company, and we will take it from there. you have a name, or is kendari too remote for that too??
@anjali you are very rude people if you dont know anything about my country don’t you dare tell me i’m an idiot. there is a few point you must understand:
1. did you see anywhere in my message i claim i know about the company name? i just correcting your misunderstanding for sinar indonesia to sinar mas based on the news post here because i can read CORRECTLY.
who the idiot here? the people who cant differentiate between sinar indonesia and sinar mas or me who just want to remind that you misreading the news?
before i just want to tell you that no use you based your assumption on SINAR MAS because you misread the company name.
2. did in my second message i insult you? if not why you insult me?
you are foreigner and didn’t know about my country don’t you dare tell me idiot just because i state fact that not every company have internet profile.
my company who the second largest in my city also don’t have internet profile. not everybody live on internet don’t forget that. don’t assume because you think every company must have internet profile you brand that statement to my country to
3. mind your manner don’t insult people and call people idiot just because they don’t agree with you. like that you can get respect.
if ufun has any respect for it’s members, they would release the Name of the nickel mining company and clarify how much they have invested in the “JV”, and show some papers proving it.
but, ufun knows it’s members are ‘Idiots’ who will turn up at some ‘ceremony’ to ‘celebrate the JV’, and dance and sing for them.
if ufun members can develop some self respect and refuse to get treated like idiots, they will save themselves from feeling ‘insulted’ if someone calls them out on their ‘idiocy’.
a USD 19 Billion mining project with no web presence, and no name, is an idiotic premise, and only idiots can believe it.
so, can any ufun member name this mining company, or will we only have emotional rants about hurt feelings?
You will look a lot smarter if you focus on the facts and add the correct info.
“PT Sinar Indonesia” will give many different search results. It looks like an incomplete name for a company.
Most companies will be registered somewhere, e.g. in a business registry or a stock exchange. You can try to use your local knowledge to identify the correct company from sources like that.
Nothing wrong with wanting to better your life.
Something wrong with backing the wrong horse… and insist it’s a winner even when it’s crippled.