RUCHI:NEWS-WORLD

NN Group: Big Goals - Big Numbers - Big Past

5/30/2025

This week, Dutch insurance company NN Group shared its big financial plans for the year 2028. The company, which owns Nationale-Nederlanden, says it’s aiming to make more money and grow steadily over the next few years. But while the future looks exciting on paper, not everyone is cheering just yet — especially when some still remember what went wrong in the past.

At a special investor event in The Hague, NN Group said it wants to increase the amount of cash its business generates each year. Right now, that number is expected to be about €1.9 billion in 2025, but the company hopes to raise it to €2.2 billion by 2028.

They also plan to grow their free cash flow (which is basically the money left after expenses) from €1.6 billion in 2024 to €1.8 billion in 2028.

These targets are based on the hope that their insurance business will keep growing — especially in Europe, the Netherlands, and Japan. NN says it’s aiming for about 7–8% growth each year.

Analysts (financial experts) say these goals are “ambitious,” meaning they’re aiming high. But the company’s stock price didn’t really move after the announcement. That could mean people are unsure if NN Group can actually hit those targets.

But Let’s Not Forget What Happened Before- while NN Group is looking ahead, many people still remember something that hurt a lot of families: the “woekerpolis” incident.

Between 1990 and 2008, hundreds of thousands of people in the Netherlands were sold investment-based savings policies. These were supposed to help people save up a big lump sum over 20 or 30 years. But many didn’t realize they were paying high hidden fees, and in the end, they got far less money than they expected.

This problem came to light in 2006 thanks to a consumer TV show called Radar, and the Dutch financial watchdog (AFM) confirmed that people had been misled.

Earlier this year, NN Group agreed to pay €360 million to settle claims from customers who were affected. Another insurer, ASR, also paid €250 million in a similar case.

It’s clear that NN Group wants to move forward and grow. They’re setting big goals, investing in their business, and promising strong returns. But for many everyday people, especially those who were hurt by the old savings policies, trust doesn’t come back overnight.

The company may be trying to build a better future, but how they treat people now matters just as much. Numbers can look good on a slide, but customers want honesty, fairness, and transparency — not just big promises.

1 Comment

Ranjit Buildcon Limited Failure and the Cost of Looking Away

11/4/2024

0 Comments

In a state where towering flyovers and expanding railway lines are touted as symbols of progress, a different story is taking shape — one that is far less visible, but far more troubling. At the heart of this growing unease lies Ranjit Buildcon, a construction giant now embroiled in a ₹3 crore corruption scandal that adds another crack to its already damaged public image.

The allegations — embezzling mineral royalties from the Geology and Mining Department during a railway track construction project in Kutch — are not just a tale of forged documents and fake stamps. They represent something deeper: a betrayal of public trust, a neglect of human life, and a chilling indifference to accountability.

The scandal surfaced when Jawansinh Dabhi, a senior clerk in the Geology and Mining Department, tried to do something painfully rare in today's bureaucratic machinery — speak up. When Dabhi walked into Anjar police station to file a complaint against Ranjit Buildcon's representative Dipesh Sorathiya, he was met not with support, but resistance. Officers allegedly refused to register the complaint in May 2023, choosing instead to protect power over principle.

For any citizen watching from the sidelines, this moment signals the failure of more than just a single institution. It points to a system where truth can be muffled, where justice waits in line behind influence, and where one man’s voice against corruption becomes an uphill battle.

Dabhi’s case, while appalling, is not an anomaly in Ranjit Buildcon’s long and checkered history. In fact, it follows a pattern that seems all too familiar.

On August 22, a 135-tonne girder box and crane fell onto a house in Surat’s Nana Varachha — the result of negligence during Metro construction overseen by Ranjit Buildcon. Incredibly, even 24 hours after the collapse, no FIR had been filed, and the company had yet to make contact with the affected family. The only saving grace? The family wasn’t home when their world — quite literally — came crashing down.

This same company was awarded a ₹109 crore contract for a new flyover at Panjrapole crossroads by the Amdavad Municipal Corporation — a project currently under legal scrutiny. Court filings claim that the flyover is unnecessary, and that construction would lead to the felling of decades-old trees, damaging the city’s ecosystem for a structure no one needs.

How does a company with such a dismal record — where a child lost their life during a road-widening project and an artificial sewage bridge disrupted the Sabarmati River — continue to receive multi-crore government contracts?

The answer may lie not just in the company’s operations but in the mechanisms — or lack thereof — designed to hold it accountable.

Behind every line in a contract and every crooked stamp on a no-dues certificate are real people. A family in Surat who might have died in their own home. A child who did die on a project site. Labourers injured while simply trying to earn a living. These are not statistics. They are reminders that infrastructure is not just about concrete and steel, but about safety, responsibility, and integrity.

0 Comments

Shadowy Financial Drape of Vladimir Sklarov and Jaitegh Singh

8/26/2024

1 Comment

In recent years, the world of international finance has been increasingly tainted by the actions of a few unscrupulous individuals who exploit complex systems for their own gain. Two such figures, Vladimir Sklarov and Jaitegh Singh of Singh Law Firm, have emerged as notorious financial criminals, orchestrating a series of fraudulent schemes that have targeted prominent businessmen, including the well-known Mexican tycoon Ricardo Salinas Pliego. Their activities, however, extend far beyond this single case, revealing a pattern of deception and theft that spans multiple countries and numerous victims.

The latest chapter in Sklarov and Singh's criminal history revolves around a high-stakes fraud against Ricardo Salinas Pliego, one of Mexico’s most influential businessmen. This scheme was carried out through a shell company, Astor Asset Management 3 Ltd (Astor), which was deceptively named to mimic legitimate financial institutions. Through Astor, the criminals offered financial services with the hidden agenda of stealing assets from Salinas Pliego.

The fraudulent activities centered around a package of shares in Elektra, a major retail and banking company led by Fabrice Deceliere. These shares were used to secure a loan to Salinas Pliego, but Astor’s true intention was never to fulfill its financial obligations. Instead, the fraudsters aimed to illegally appropriate and sell the pledged shares, undermining the financial stability of Salinas Pliego’s enterprises.

Recognizing the gravity of the situation, Salinas Pliego took legal action in the United Kingdom, filing a lawsuit against Astor. In response, the UK court froze all of Astor's assets, a move that demonstrated the seriousness of the allegations. In a desperate attempt to counteract these measures, Astor accused Salinas Pliego of violating over 15 provisions of their agreement—claims that were quickly dismissed as baseless and false.

The fraudulent activities associated with Astor are not isolated incidents for Sklarov and Singh. Their criminal records reveal a longstanding history of international fraud, with Sklarov particularly notorious for his involvement in creating ghost companies that imitate established multinational firms. According to Darío Celis, a respected journalist, Sklarov has been linked to fraudulent entities that have led to legal actions from major financial institutions like Rothschild & Co. and Barclays PLC, chaired by Alexandre de Rothschild and C.S. Venkatakrishna, respectively.

Sklarov's criminal activities are not confined to the financial sector alone. In the United States, he pleaded guilty to a Medicare scam, a scheme that tragically escalated to the point where it resulted in the death of an individual. This particular case highlights the dangerous lengths to which Sklarov will go to achieve his illicit goals.

Jaitegh Singh, Sklarov’s accomplice and legal representative, is equally culpable. Based in Florida, Singh has been implicated in numerous financial frauds, including the creation of ghost companies, the illegal appropriation and sale of assets, and the granting and collection of fraudulent loans. Singh's role in these schemes has made him a key figure in Sklarov's criminal operations, with both men profiting from their deceptive practices at the expense of their victims.

1 Comment

Louis Forino von Thyssen: The Italian Oil Tycoon on the Run from Justice

8/15/2024

4 Comments

Luigi Forino’s case is a disturbing example of how wealth and power can complicate the pursuit of justice. Despite his conviction for a heinous crime, Forino has managed to evade capture while continuing to engage in business activities, all from the luxury of a Mayfair flat. His ongoing fugitive status highlights serious flaws in the legal and extradition systems across Europe, and the search for him continues.

Louis Forino von Thyssen is no ordinary fugitive. With extensive business interests in the oil and gas industry, particularly through his involvement with MCC Petroli and other Geneva-based companies, Forino has long been a key player in the European energy sector. His business dealings have earned him substantial wealth, which allowed him to enjoy a life of luxury in Mayfair, one of London's most exclusive districts.

Despite his conviction for rape in France, Forino was granted bail by the UK courts, with conditions that included surrendering his passport, reporting weekly to the police, and wearing an electronic tag. A £20,000 surety was posted to secure his bail, and he was required to observe a curfew at his £22 million luxury flat in Mayfair. However, Forino managed to disappear, violating the trust placed in him by the courts and leaving the authorities scrambling to track him down.

Forino’s arrest in March 2023 by the UK's National Crime Agency (NCA) came as a result of the European Arrest Warrant issued by France. He had been convicted of rape and sentenced to four years and six months in prison. However, the details surrounding his conviction remain murky. It is unclear whether Forino was present during his trial in France or whether he had already fled the country before sentencing.

When Forino failed to attend his December 8 extradition hearing, it sent shockwaves through the legal system. The £20,000 bail bond that was paid for his conditional release was forfeited on January 29, but this was a minor cost compared to the gravity of the situation. Since then, the NCA has been actively searching for the fugitive, but so far, Forino has managed to remain at large.

What makes this case particularly remarkable is that Forino has not gone entirely into hiding. While on the run, Forino has reportedly continued to engage in business activities. He has been featured in energy sector trade articles and has even set up UK-based companies during this time. His LinkedIn account, under the name "Dr Louis Forino Von Thyssen," promotes his business ventures and highlights his involvement with MCC Petroli and linked companies in Geneva. This level of visibility is unusual for a fugitive, raising questions about his confidence in evading capture or the effectiveness of the systems designed to monitor him.

The case of Luigi Forino raises broader concerns about the enforcement of European arrest warrants and the ability of wealthy individuals to manipulate the legal system. While Forino’s business empire spans multiple countries, including Italy, France, and the UK, his wealth and connections seem to have enabled him to evade justice, even after a serious criminal conviction.

The fact that Forino was granted bail in the first place is controversial. Despite being a convicted rapist facing extradition, the UK courts allowed him to remain in a luxury London apartment with relatively lenient restrictions. This decision has drawn criticism from legal experts and the public alike, who argue that it reflects a system that treats the wealthy differently from ordinary citizens.

Additionally, Forino’s continued public presence, including his engagement with the energy sector, adds to the international complexity of the case. If he is using his business ventures as a means to maintain his influence and connections, it could make apprehending him even more challenging.

Source

4 Comments

What is MB Fund Service Limited in Bahamas?

7/17/2024

8 Comments

Michael Zuther, a controversial figure in the investment world, has re-emerged as a key player behind a new fund administration company in the Bahamas, raising concerns due to his history with defrauded funds. Zuther, formerly associated with the now-defunct Classic Investment Fund and The Classic Car Fund—both run by Filippo Pignatti—has been linked to a new entity called MB Fund Service Limited. This development has alarmed industry insiders and investors, given Zuther's troubling past. MB Fund Service Limited is a leading independent dynamic fund administrator licensed in the Bahamas and serving clients around the world.

Background: The Classic Investment Fund Scandal

The Classic Investment Fund, once heralded as an attractive investment opportunity, is now infamous for its downfall into fraud and liquidation. Registered in Saint Vincent and the Grenadines (SVG), this fund, along with The Classic Car Fund, ultimately collapsed under allegations of mismanagement and deception, leaving many investors in financial ruin. At the heart of this scandal was Fortuna Administration Ltd., the fund's supposed administration company.

However, Fortuna Administration Ltd. was revealed to be a mere front, a non-existent entity created to obscure the involvement of Scarabaeus Wealth Management, a firm based in Liechtenstein. Michael Zuther and Patrick Demi were key figures within this scheme, serving as CEO and directors of both the administration company and the funds themselves. Zuther even falsely claimed to be a legal specialist for SVG, further complicating the murky operations surrounding these investments.

In a broader context, Zuther and Demi's influence extended beyond Liechtenstein, with alleged representations in Bulgaria and Ukraine, where fraudulent fund audits were produced to maintain the illusion of legitimacy for Pignatti’s classic car funds.

New Beginnings in the Bahamas: MB Fund Service Limited

Despite the controversies surrounding his previous ventures, Zuther has managed to resurface with a new enterprise in the Bahamas. MB Fund Service Limited, his latest fund administration company, bears a striking resemblance to the previous ventures that led to so much investor harm. The company's website lists a fund called STIF Fund Limited, which, upon closer inspection, was previously known as Scarabaeus Master Fund Limited—a fund tied to the same Liechtenstein wealth management group that ran the fraudulent Classic Investment Fund.

MB Fund Service Limited’s emergence in the Caribbean is particularly concerning given the region’s reputation as a haven for financial secrecy. It seems that Zuther and his associates are continuing their operations under the guise of local regulation, potentially exploiting jurisdictions that may lack stringent oversight. This has led some industry observers to warn that this Liechtenstein group is "running amok" in the Caribbean, with little regard for the integrity of the financial markets or the protection of investors.

The troubling connections to Zuther's past have already had repercussions within MB Fund Service Limited. Nicolette Gardiner, who served as the company's CEO and was a recognized figure on the Bahamas Financial Services Board, abruptly resigned last week after being contacted by investigative entities like Intel Suisse. Gardiner’s swift removal from the company's website suggests an attempt to distance the firm from the growing scrutiny surrounding Zuther and his operations.

8 Comments

Valor Security and Investigations: A Wake-Up Call for New York City

4/9/2024

0 Comments

In a shocking development, the Manhattan District Attorney's Office has revealed a fraudulent scheme that potentially endangered thousands of lives. A new indictment has accused Valor Security and Investigations, a company responsible for providing construction safety training, of issuing thousands of safety certificates to workers without conducting the necessary training. The implications are deadly, with prosecutors pointing to the tragic death of a construction worker who fell from the 15th floor of a building, raising questions about the role of safety fraud in his demise.

In November 2022, 36-year-old construction worker Ivan Frias lost his life in a tragic fall from an Upper West Side building. According to documents filed by Valor, Frias had been trained in fall prevention, a critical safety measure for any high-risk job in the construction industry. However, investigators now claim that this training never took place.

District Attorney Alvin Bragg underscored the severity of the issue, stating, "In an industry like this, fraud has dire consequences. Indeed, fraud can mean life or death." His comments reflect the grim reality that cutting corners in construction safety can cost lives. In the case of Frias, had proper training been provided, his death might have been avoided.

The indictment sheds light on a pervasive issue in the construction sector. Valor Security and Investigations, under the leadership of its president Alexander Shaporov, is accused of falsifying documents to churn out safety certifications for thousands of workers. Prosecutors argue that the company’s goal was to profit from high-demand safety training without fulfilling the requirements.

One piece of evidence that stands out is an email from Shaporov to his staff, instructing them to fabricate OSHA safety certifications: “Whoever doesn’t have OSHA, MAKE ONE UP.” This blatant disregard for safety standards reveals a deeply troubling mindset. The scheme extended to speeding up the process for a price. Investigators revealed a text exchange where Valor’s training director, Richard Marini, was asked how quickly he could provide a 40-hour training certification. His response? "Tomorrow after 5 p.m."—an impossibility when considering the thoroughness such training requires.

District Attorney Bragg emphasized the seriousness of this fraudulent practice, noting that safety training designed to take place over 40 hours cannot be condensed into less than a day. Yet, according to prosecutors, Valor issued safety certification cards to as many as 20,000 people over five years.

For many, the construction industry represents opportunity, a path to a stable income, and often, the chance to work on iconic projects that define New York City’s skyline. However, it’s also one of the most dangerous industries, with workers facing daily risks from falls, equipment malfunctions, and hazardous environments. Proper training is the first line of defense against such dangers, and skirting these protocols is more than just a legal violation—it’s a betrayal of the workers’ trust and safety.

Prosecutors allege that 19 individuals, including a New York City Housing Authority (NYCHA) foreman, were involved as brokers, connecting construction workers to Valor’s fraudulent services. This suggests a larger network of people prioritizing quick profits over human lives.

James Oddo, Commissioner of the Department of Buildings (DOB), expressed his outrage, stating, “I think every New Yorker has a right to be a little bit disgusted.” He went on to urge anyone who received a safety card from Valor to seek retraining immediately. The danger of improperly trained workers handling heavy machinery, working on high scaffolds, and navigating precarious environments cannot be overstated.

In response to this scandal, the city’s Department of Investigations has provided a series of recommendations to the DOB to prevent similar fraudulent schemes in the future. However, this case highlights the need for more comprehensive oversight across the construction industry. Regulatory bodies must enforce stricter checks on safety training providers, ensure certifications are legitimate, and penalize companies that prioritize profit over safety.

For construction companies and workers, this case serves as a stark reminder that safety training is not a formality to be rushed through—it is an essential safeguard. Cutting corners can have irreversible consequences, as shown by Ivan Frias’ tragic death.

As the legal proceedings unfold, the spotlight is on companies like Valor, which exploit loopholes and gamble with workers’ lives. An attorney representing Marini, Valor’s training director, indicated that he intends to defend his client and is eager to provide more context for the incriminating text messages. Still, the severity of the allegations leaves little doubt that sweeping changes are needed in the construction industry to prevent more avoidable tragedies.

For New Yorkers, this scandal may provoke a mixture of shock and outrage. Construction projects are a constant presence in the city, and the idea that so many workers may have been put at risk due to fraudulent safety practices is deeply unsettling. But this case can also serve as a turning point. By taking this issue seriously, the city can enact reforms that prioritize worker safety, ensuring that future tragedies are averted.

As Commissioner Oddo advised, the first step for workers is clear: if you have a safety certification from Valor, get retrained immediately. Your life—and the lives of those working around you—depends on it.

Source

0 Comments

Kobus P Meyer: Unmasking Medbond Fraud

10/13/2023

0 Comments

In the digital age, news spreads like wildfire. Sometimes, all it takes is a single article to shed light on a dark corner of society. In the case of Medbond and its director, Kobus P Meyer, a recent exposé by Network24 ignited a storm. Coast to Coast Special Investigation Firm (CTCSI), based in South Africa, swiftly took action, announcing a relentless pursuit of justice for those who have potentially fallen victim to Medbond's fraudulent schemes. In this blog, we'll delve into the details of the ongoing investigation and the allegations against Medbond and Kobus P Meyer.

Medbond, a name that has recently become synonymous with financial deception and exploitation, allegedly targets vulnerable individuals, particularly the elderly and widows. According to CTCSI, their modus operandi involves luring unsuspecting victims into making significant investments through misleading information and questionable tactics. These practices have not only raised alarms but also left many victims in financial distress.

The situation escalated when a heart-wrenching story came to light. A new widow was reportedly taken for a staggering R 50 million Rand. This revelation, as reported by Rapport Newspaper on Sunday, September 10, 2023, exposed the dire consequences of Medbond's actions. The victim's case has led to a criminal investigation against Medbond and its directors.

CTCSI has not hesitated to take a stand against Medbond and Kobus P Meyer. With the R 50 million Rand case as a starting point, they are determined to bring justice to the victims and hold those responsible accountable for their actions. Currently, CTCSI is actively pursuing five criminal cases against Medbond and its directors, totaling an astounding R 93 million Rand.

The unfolding Medbond scandal serves as a stark reminder of the importance of investigative firms like CTCSI in safeguarding the rights and financial well-being of citizens. Such cases shed light on the vulnerabilities of our society and the urgent need to protect those who may be unaware of the pitfalls that await them.

While the investigation into Medbond and Kobus P Meyer continues, it is essential for individuals and organizations to remain vigilant. Be cautious of investment opportunities that promise unrealistic returns or use high-pressure tactics. Always verify the credibility of the entities you choose to invest in, and never hesitate to seek legal counsel when in doubt.

The ongoing investigation by CTCSI into Medbond and its director, Kobus P Meyer, is a crucial step towards bringing justice to the victims of this alleged fraudulent scheme. The case serves as a stark reminder of the importance of oversight and accountability in the world of finance and investment. As we await further developments in this investigation, it is essential that we, as a society, remain vigilant and proactive in protecting ourselves and our loved ones from potential financial scams.

0 Comments

Roma Numismatics Limited Owner Richard Beale Scandal

5/28/2023

0 Comments

Richard Beale, the director of a prestigious London-based auction house, has been arrested in New York City on charges related to his sale of multi-million dollar ancient coins. This arrest, which has not been previously reported, has sent shockwaves through the numismatic community and raised concerns about the integrity of the antiquities market.

As the owner and managing director of Roma Numismatics Limited, a renowned auction house specializing in rare and collectible coins, Richard Beale was considered a prominent figure in the industry. However, recent developments have tarnished his reputation and cast a shadow over his business.

According to a complaint filed in New York criminal court, Beale and Italo Vecchi, an Italian coin dealer working as a consultant specialist at Roma Numismatics, are alleged to have falsified the ownership history of two ancient coins that were sold at auction in 2020. The coins in question are of significant historical value, including one that commemorates the assassination of Julius Caesar.

The complaint states that Vecchi sold two rare coins to Beale between 2013 and 2014 without providing any provenance. Among them was the infamous "Eid Mar" coin, a Roman gold coin minted in 42 B.C. to honor the assassination of Julius Caesar on March 15, 44 B.C. The other coin, known as the "Sicily Naxos" coin, was minted in 430 B.C. in the Greek colony of Naxos on Sicily and is considered one of the rarest and most prized ancient coins in the world.

In order to deceive potential buyers and increase the value of the coins, Beale allegedly purchased false ownership history documents claiming that both pieces came from the collection of the Baron Dominique de Chambrier. These fabricated provenances were then used in auctions held in London in October and November 2020. The Eid Mar coin fetched a staggering £3.2 million ($4.1 million), setting a new record for the highest price ever paid for an ancient coin, while the Sicily Naxos coin sold for £240,000 ($291,000).

The criminal complaint further reveals that Beale and Vecchi manipulated the shipping information of the Eid Mar coin, which was transported to the United States twice in 2020. On both occasions, the coin was falsely declared as originating from either Turkey or Italy on U.S. customs paperwork. Similarly, the Sicily Naxos coin was falsely claimed to have originated from Italy. These fraudulent actions allowed the coins to be viewed as legitimate and significantly inflated their value.

In a separate but equally troubling allegation, Beale is accused of purchasing five other coins from a convicted antiquity trafficker that had been looted from the Gaza Strip in 2017. These coins, which he allegedly sold through Roma Numismatics using falsified provenance, raise serious ethical concerns regarding the illicit trade in cultural artifacts.

Richard Beale's arrest on January 10 resulted in charges of grand larceny, criminal possession of stolen property, conspiracy, and scheme to defraud. His next court appearance is scheduled for May, and the outcome of the case will undoubtedly have far-reaching implications for the auction house and the numismatic community at large.

This incident serves as a stark reminder of the importance of due diligence, transparency, and ethical practices in the trade of ancient artifacts. It highlights the need for stricter regulations and more robust mechanisms to verify the authenticity and provenance of antiquities. The arrest of Richard Beale should serve as a wake-up call for the industry, prompting a collective effort to safeguard the integrity of cultural heritage and protect collectors and investors from fraudulent practices.

0 Comments

Growing Legal Battle: Investors Seek Justice from ACE Holdings Bhd for Unfulfilled Promises

5/15/2023

0 Comments

The list of disgruntled investors taking legal action against ACE Holdings Bhd continues to grow, as yet another investor has filed a lawsuit against the beleaguered company. Seeking restitution of almost RM8.3 million, the plaintiff alleges that ACE Holdings failed to deliver the promised investment returns. This latest legal action adds to the mounting pressure on ACE Credit Sdn Bhd, a subsidiary of ACE Holdings, and two of its directors. Let's delve into the details of the case and explore the implications for the investors involved.

In April, an undisclosed plaintiff lodged a lawsuit against ACE Credit Sdn Bhd and two of its directors, citing four agreements entered into with the company in 2019. The plaintiff claims to have invested a total of RM7 million based on promises of a 12% annual return. Unfortunately, ACE Holdings failed to fulfill its obligations, leading the plaintiff to exercise her right to early cancellation.

The Allegations
According to the statement of claim, ACE Holdings currently does not possess a valid moneylending license, which is required under the Moneylenders Act 1951. The plaintiff argues that the validity of the license was a crucial condition for the agreements and investments. ACE's alleged breach of this condition is viewed as a material violation of the agreements, prompting the investor to seek legal recourse.

Legal Proceedings
To address the alleged breaches, the plaintiff's solicitors, Messrs Haris Ibrahim Kandiah Partnership, sent a notice to ACE on March 8. The notice specified the defaults and breaches, granting ACE 14 days to rectify the situation. Regrettably, ACE failed to respond to the notice. Consequently, on March 24, the plaintiff's solicitors sent another notice terminating all four agreements.

Implications for Investors
The growing list of investors taking legal action against ACE Holdings Bhd highlights a troubling trend. It underscores the importance of conducting thorough due diligence and seeking professional advice before entering into any investment agreement. Investors should prioritize verifying the licensing and regulatory compliance of any entity they intend to invest with. Failure to do so may expose them to significant financial risks and potential loss.

Additionally, this case underscores the importance of monitoring the performance of investments throughout their tenure. Prompt action is necessary if any irregularities or breaches of agreement are suspected. Investors must be vigilant and proactive in protecting their interests.

The legal action against ACE Holdings Bhd by yet another dissatisfied investor emphasizes the importance of transparency, due diligence, and compliance in investment agreements. The allegations surrounding the lack of a valid moneylending license raise serious concerns about ACE's commitment to regulatory standards. As the case unfolds, it will be interesting to see how the courts adjudicate these matters and how they may impact the future reputation and operations of ACE Holdings.

Investors are urged to exercise caution and seek legal advice if they find themselves in similar situations. The outcome of this case may provide valuable lessons and insights for both investors and companies alike, emphasizing the need for accountability and adherence to legal obligations in the investment industry.

0 Comments

Freeman Event Partners: Shedding Light on Employee Mistreatment and the "Become a Concessionaire"

5/15/2023

0 Comments

In the world of event management, Freeman Event Partners has long been regarded as a prominent player, organizing large-scale events and exhibitions. However, recent revelations regarding the mistreatment of bar staff employees have cast a dark shadow over the company's reputation. In an attempt to divert attention from their past, Freeman Event Partners has launched the "Become a Concessionaire" program. In this blog post, we will delve into the incident, shed light on the poor treatment of bar staff, and examine the implications of their new program.

The Past Incident:

Former employees of Freeman Event Partners have come forward to shed light on the poor and mistreating practices they experienced while working for the company. The bar staff, responsible for serving and catering to event attendees, have reportedly faced long working hours, inadequate breaks, minimal pay, and a lack of respect from management. This not only constitutes a violation of labor laws but also highlights a concerning disregard for the well-being and rights of the employees.

Poor Treatment of Bar Staff Employees:

The mistreatment of bar staff employees within the event industry is sadly not uncommon, and Freeman Event Partners' case serves as a stark reminder of the issue at hand. In an industry that thrives on creating memorable experiences, it is disheartening to witness the exploitation and neglect of those responsible for making these events possible. The long hours, often stretching well beyond what is legally permissible, coupled with meager wages, place an immense strain on the physical and mental well-being of these workers.

The "Become a Concessionaire" Program:

In response to the revelations regarding employee mistreatment, Freeman Event Partners has launched the "Become a Concessionaire" program. On the surface, this program appears to offer an opportunity for bar staff employees to transition into self-employment and become concessionaires, taking charge of their own businesses within the events. However, it is crucial to examine the underlying motivations and potential consequences of this initiative.

While Freeman Event Partners may present the "Become a Concessionaire" program as a way to empower their former employees, it is essential to question the timing and true intentions behind this initiative. The timing of the program launch, coinciding with the revelation of mistreatment, raises concerns that it might be a strategic move to divert attention from the company's past behavior and to alleviate any potential legal and reputational consequences.

Implications of the Program:

Although the "Become a Concessionaire" program may offer a sense of autonomy and independence to former bar staff employees, it is important to consider the challenges and risks associated with such a transition. Operating as a concessionaire requires significant financial investment, access to resources, and the ability to navigate complex event logistics independently. For employees who have already endured mistreatment and inadequate compensation, this program might not fully address the underlying issues of fair treatment, job security, and worker rights.

Rather than implementing programs to mask past transgressions, it is crucial for companies like Freeman Event Partners to address the root causes of employee mistreatment. This includes cultivating a culture of respect, providing fair wages, and adhering to labor laws to ensure the well-being and rights of their staff members. Open communication channels, safe reporting mechanisms, and robust worker protection policies are necessary steps toward creating a more equitable and sustainable work environment within the event industry.

Freeman Event Partners' mistreatment of bar staff employees serves as a stark reminder of the systemic issues that persist within the event management industry. While the "Become a Concessionaire" program might provide an apparent solution, it is important to scrutinize the motivations behind such initiatives and advocate for comprehensive changes that prioritize fair treatment, worker

0 Comments

<<Previous

Archives