KUALA LUMPUR: The Kuala Lumpur High Court has set Sept 26, 2019 for the joint hearing of the Golden Palm Growers Scheme investors and management company for the winding up of Golden Palm Growers Bhd.
Lawyer and investor James Ling said the growers have made an application to intervene to the Court to be included as a defendant in the winding-up.
Investors have claimed that scheme was in substance a Ponzi scheme, as it utilised money for the 11,000-acre palm plantation to pay off dividends of the investors.
The scheme, which was launched in 2010 and supposed to run for 23 years, was in operation for seven years before it was prematurely terminated in 2017.
source https://www.thesundaily.my/business/golden-palm-growers-scheme-s-joint-hearing-set-for-sept-HY1230911
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