In a statement today, the SC said the court ordered the defendants’ assets to be traced and paid to the SC to compensate the EDI scheme investors. — Reuters picKUALA LUMPUR, April 5 — The Kuala Lumpur High Court had ordered RBTR Asset Management Bhd and five other defendants to pay RM13.35 million in restitution for their role in the Euro Deposit Investment scheme on March 30, 2021, the Securities Commission Malaysia said.
It said the court has also declared that RBTR — formerly an SC-licenced fund manager before its Capital Markets Services Licence was revoked on May 17, 2012 — had breached its obligations and/or duties under the fund manager guidelines and failed to conduct due diligence to safeguard investor monies.
It said the civil suit was filed following the SC’s investigations on the EDI scheme in August 2009 after receiving complaints from investors. It said investors had been led to believe that their investments were deposited into an “AAA” rated European bank with full capital and income protection.