In an interview with Kinibiz, Jonathan Quek, one of the investment scheme’s promoters in Malaysia, it was mentioned:
Amid the criticism, however, Quek revealed that the investment scheme’s promoters are engaging the authorities in order to bring the scheme under regulation. “We are doing our best to have our lawyers to work with SSM and SC to see how we can regulate this product,” said Quek, though declining to comment further on what progress had been made in this regard. “The last thing I want is for us to be raided by SC and Bank Negara, so we are taking a very active approach to contact all these regulators.”
Things might not have gone exactly "according to plan" with the regulators.
First of all the Securities Commission put Proven Oil Asia on it's list of unauthorised websites (I blogged about it here).
And secondly Bank Negara Malaysia has put Capital Asia Group (M) Sdn Bhd (partner of Quek's Wealth Insider Group" and involved with Proven Oil Asia) on it's alert list due to "unlicensed activities":
"Bank Negara Malaysia (BNM) would like to alert the members of the public a list of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM.
This list has been compiled based on information, complaints and queries received by BNM regarding the activities of the persons and entities concerned. This list is not exhaustive and the Bank will update the list periodically from time to time. The list is intended to serve as a guide to the public.
The public is advised not to make any deposit or investment with individuals and entities that are not regulated under the relevant laws and should conduct the necessary checks with the relevant authorities if there are doubts regarding any schemes offered."