KUALA LUMPUR, Nov 22 (Sin Chew Daily) — About 400 investors from China are suing MBI International Holdings and its founder Tedy Teow to recover the investment sum of RM100 million.

Zhu Guoan, 63, a retiree, said in a virtual press conference that about 400 investors from China had appointed James Ee, a Malaysian lawyer, to sue MBI and its founder Teow.

Zhu, from Tianjin, China, said the investors had been deceived by MBI in its money game scam that had led them to incur huge debts.

One of the investors has since passed away.

“We are trying to recover our money and we want Teow and his company to face legal consequences,” he said.

Ee said each investor chipped in about RM250,000 and 400 of them had invested up to RM100 million since Teow founded MBI International Holdings in 2009.

He would be filing a civil suit against Teow and his company over the next few weeks.

“The legal process will go on even if Teow is not in the country,” said Ee.

Over 100 Chinese nationals came to Malaysia to stage peaceful protests outside MBI International Holdings and the Chinese Embassy here in October 2019, urging the Embassy to assist them in recovering hundreds of millions ringgit they had invested in MBI International Holdings, a Penang-based company blacklisted by Bank Negara Malaysia.

In January, the Johor police smashed a syndicate involved in a Macau scam which used money to purchase properties and invest in cryptocurrencies totaling more than RM336 million.

The masterminds have been identified as Teow and his two sons.

At least 12 people were arrested by the police in a series of raids, including several company directors.

Teow is believed to have fled to Thailand while his sons are still in Malaysia.