THE company behind forex trading scheme JJPTR is a “RM2 company” that was set up in 2015 but has yet file any financial accounts with the Companies Commission of Malaysia (SSM).

JJ Global Network Sdn Bhd had JJPTR founder Lee Chong Sen, 28 as one of its two directors and a secretary appointed on July 22, 2015, The Star Online reported today.

Lee and his former girlfriend Tan Kai Lee, 24, each hold a single share in the company.

A two-ringgit company refers to a proprietary company with a paid up capital of RM2. Effectively, if the company goes bust, the shareholders only lose RM 2.

Lee’s father Thean Chye, 58 and Tan are also directors of another company called JJ Global Network Holding Bhd.

Thean Chye is the largest shareholder owning 850,000 shares followed by Tan with 150,001 shares while Lee only has one share, according to SSM records.

Lee’s father was previously an assistant professor at the Southern University College in Johor but has since then resigned when JJPTR’s issues first came to light.

The Penang-based JJPTR came under the spotlight when investors complained that they did not get their scheduled payments last month.

JJPTR was reported earlier to be in trouble after a hacking incident into its trading accounts had purportedly caused the company to lose RM500 million in investors’ money.

Members had invested between USD25 and USD1,000 (RM110 and RM4,400) and were promised monthly returns of 20%.

JJPTR, JJ Global Network and JJ Poor to Rich are forex trading entities listed on their website www.jjptr.com.

Bank Negara Malaysia, which has JJPTR on its financial consumer’s alert list of known companies not authorised under relevant laws, has warned the public of illegal forex trading schemes.

JJPTR is reportedly also red-flagged in several other countries, including Singapore and Philippines. It is said to have branches around Asia, Australia and even North America. — May 1, 2017.