Walton offices raided in Malaysia

Bank Negara raids Walton International’s office

Malaysia´s Bank Negara raided Walton International Property Group (M) Sdn Bhd offices in Kuala Lumpur, Kota Kinabalu and Kuching on 5 March under the Exchange Control Act (ECA) 1953, reported The Edge.
The central bank´s raids were carried out simultaneously following complaints received from members of the public.
Bank Negara had also seized relevant documents from the company for investigation.
The central bank had on 6 March also advised the public to be cautious with land banking schemes promoted by the company.
"Any elements of deposit-taking activities and public offerings such as ´interest schemes´ or investment in real estates schemes (REITs) should be referred to the appropriate authorities such as Bank Negara Malaysia, Suruhanjaya Syarikat Malaysia and Suruhanjaya Sekuriti," the bank said.
According to Walton International, it does not distribute real estate investment trusts (REITS), nor does it offer deposit-taking or interest schemes.
However, it offers clients the opportunity to purchase ownership of high-quality land in highly-researched and carefully-selected growth areas within Canada and the US.
"Walton operates to the highest ethical and business standards, here in Malaysia and around the world," Walton Asia chief operating officer Kent Britton told The Edge.