Investors seeking return of funds sunk into honey bee venture

LAHAD DATU, 8 Jan 2019:

Several members of a stingless honey bee breeding investment joint venture lodged a police report today against Nova Babylon Sdn Bhd based in Segamat, Johor, seeking payment of over RM2 million.

Suhaimi Abas, a stockist of Persada Novababylon Trigona Holistic Farm here, said the 302 members also sought a police investigation against the company.

She claimed the 302 people entered the joint venture with the founder of the company, Faizzal Chai Abdullah, at the premises of a stockist here in September 2015.

The monthly returns went smoothly as promised until October 2017 when the payments were no longer forthcoming and the reason given was that the company had run into losses and was unable to pay all members.

Lahat Datu District Police chief ACP Nasri Mansor confirmed having received a report on the matter.

– Bernama