Mainstream
Naim Indah top exec linked to bullion trading firm
Lim Cian Yai 
According to some of Bookcoins’ presentation materials and social media posts, Siaw was often referred to as the chairman, CEO or founder of Bookcoins.
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Naim Indah Corp Bhd managing director and group CEO Datuk Seri Siaw Swee Hin has been linked to a company said to be behind the controversial Bookcoins investment scheme.

The scheme came into the limelight recently when police arrested two men believed to be behind the scheme in a raid this week, where they also confiscated RM2.1 mil worth of cash and items.

As of press time, Naim Indah has not responded to FocusM’s queries on Siaw’s link to the Bookcoins scheme.

Bookcoins identifies itself as a one-stop silver bullion trading platform that provides investors with a cost-effective and convenient way to buy, sell and store physical silver bullion. More than 200 people were reported to have invested into the scheme which promised a lucrative return of one percent a day or 30% per month.

Bank Negara Malaysia had in May added the scheme’s website – www.bookcoinsmalaysia.com – into its financial consumer alert. The portal was associated with two companies namely BC Academy Sdn Bhd and BC Bullion Sdn Bhd. According to the website, Bookcoins LLC was incorporated in New York, USA, in 2014.

According to BC Bullion’s latest financial filing (Dec 31, 2015) with the Companies Commission of Malaysia, Siaw is listed as a director and largest shareholder with a 40% stake. Its other shareholders and directors are Lai Wai Ling and Steven Wong Teck Siong, each having a 30% stake.

However, it is not known if Siaw has sold his stake,

Checks revealed that BC Bullion was incorporated in June 2015 with a paid-up capital of RM2. Before assuming its current name, it was known as Rising Matrix Sdn Bhd and Naim Synergy Mining Sdn Bhd.

According to Bookcoins’ website, BC Bullion was listed as the contact point in Malaysia for investors seeking to know more about the scheme. Apart from the US, Bookcoins also claims to have a presence in Dubai, Jakarta and Singapore as well.


Close connection

BC Bullion’s office address is given as The Horizon Bangsar South, Kuala Lumpur. Interestingly, Naim Indah’s head office is also on the same floor of the office building.

According to some of Bookcoins’ presentation materials and social media posts, Siaw was often referred to as the chairman, CEO or founder of Bookcoins.

Last September, Siaw was featured in a local Chinese daily report representing Bookcoins in signing a memorandum of understanding with Suncity Group to promote the BClife virtual mall. Naim Indah’s executive director Low Tuck Meng was also present during the signing ceremony.

Bookcoins also claims to be a form of payment system and digital currency that pegs its value against physical silver, where one Bookcoins is equal to one gram of silver. When investors convert ringgit into Bookcoins, the digital currency can be used to trade silver or purchase items available on the BClife virtual mall.

Siaw emerged as a substantial shareholder in Naim Indah three years ago after he acquired a 3.73% stake from Datuk Raymond Chan Boon Siew in October 2014. He is currently a substantial shareholder in the company with a 9.49% direct stake and indirect stake of 5.75% via Quantum Discovery Sdn Bhd.


Business diversification

Main Market-listed Naim Indah started off in timber logging but later ventured into property-related activities. Two years ago, the company was reported to be in talks to develop a 32-floor office tower in Yangon, Myanmar, with a gross development value of US$120 mil (RM515 mil) via a joint venture.

Then last November, the company was reported to be planning to venture into the satellite business. The intention was to provide better telco services via satellite transmission for remote areas where setting up land-based transmission towers are not cost effective. A collaboration agreement was said to have been inked in China.

Its major revenue contributor is project management consulting (PMC) for property development and marketing events. Naim Indah owns and operates the Centerpoint Seremban Mall. It is also involved in the trading of steel bars.

For the financial year ended Dec 31, 2016, Naim Indah’s revenue spiked by 36% to RM12 mil – a result of its diversification into PMC in 2015. The projects it secured in 2015, namely Gateway Klang and Likas Boulevard from Lagenda Erajuta Sdn Bhd and GE Properties Sdn Bhd respectively, continue to contribute to topline performance.

In FY16, the Gateway Klang project contributed RM5.5 mil to revenue while the Likas Boulevard project also contributed RM5.5 mil. Net profit improved to RM10.3 mil from RM1.4 mil the year before due to a fair value gain of RM11.5 mil for Centerpoint Seremban Mall during the year.

Siaw and Chan were reported to be the directors of Lagenda Erajuta, and GE Properties is owned by Siaw.

Substantial shareholder Quantum Discovery has been disposing Naim Indah shares since July 31. It has disposed of some 17 million shares, reducing its stake to 5.75% from 7.85% in March. The counter rose 8.3% or half sen, to close at 6.5 sen on Aug 10, giving it a market capitalisation of RM57 mil.

A notable episode for the company was its record share price surge from 7.5 sen to as high as 75 sen within four trading days back in February 2012.

This article first appeared in Focus Malaysia Issue 245.