Following claims World Capital AG had approval of the Cambodian authorities to run a Ponzi scheme, Cambodian authorities have arrested co-founder Darren Yaw and his spouse.
Guardian Capital AG represented Cambodian authorities approval, by posting a photograph of Prime Minister Hun Sen on its web site.
In response to Guardian Capital AG, Sen personally supported the corporate and can be current at a Might twentieth ribbon reducing ceremony.
This prompted the Prime Minister to difficulty a proper assertion denying the claims.
As quoted by the Khmer Instances, Prime Minister Hun Sen said;
Because the Prime Minister of the Kingdom of Cambodia, I deny the knowledge posted on the corporate’s web site.
I request all related authorities to watch and examine the offender and punish them in accordance with the regulation.
To residents and businesspeople, inside and outdoors Cambodia, I ask to be very cautious about buying unauthorised digital cash that declare to have the backing of the Cambodian authorities.
Guardian Capital AG additionally claimed to have backing from the Nationwide Financial institution of Cambodia and Financial institution of China.
Each companies have denied any hyperlinks.
The Cambodian crackdown comes lower than a month after Indonesian authorities declared Guardian Capital AG an unlawful enterprise.
As per the Commodity Futures Buying and selling Regulatory Company, Guardian Capital AG just isn’t approved to function in Indonesia.
Two weeks previous to the ban co-founder Darren Yaw claimed GCG Asia had been ‘extremely praised by the Indonesian authorities and was absolutely supported and inspired.‘
Guardian Capital AG is predicated out of Malaysia, however can be not registered to supply securities there both.
Up to now nevertheless Malaysian authorities haven’t taken any motion towards the corporate.
BehindMLM reviewed Guardian Capital AG again in April.
Based mostly on its enterprise mannequin, we concluded Guardian Capital AG was a typical MLM buying and selling Ponzi scheme.
Since her arrest, Darren Yaw’s spouse has been launched on bail however is unable to go away the nation. Yaw stays in custody.
Within the wake of Yaw’s arrest, Guardian Capital AG’s varied web sites seem to have been pulled offline.
Replace 1st January 2022 – BehindMLM can affirm Darren Yaw was convicted in October 2019.
Yaw was sentenced to at least one yr in jail, of which he served 5 months.
Since launch, Yaw has tried to clean his involvement within the GCG Asia Ponzi scheme via misinformation and bogus DMCA takedown notices.
Replace seventeenth September 2022 – Darren Yaw and 9 different GCG Asia accomplices have been arrested in Malaysia.