Swiss Mutual Fund From Wikipedia, the free encyclopedia Jump to: navigation, search The Swiss Mutual Fund is an offshore investment company headquartered in the Commonwealth of Dominica. Despite the inclusion of the word Swiss in its name, the Swiss Mutual Fund's board of directors is comprised solely of Dominican citizens[1], and the company does not appear to have any significant ties to Switzerland.
History Swiss Mutual Fund originally mentioned on its website that it was created after World War II in 1948 by the Cheviot family of France, with operations based in Berne, Switzerland. After 48 years (1996), the firm moved to the Commonwealth of Dominica due to changes in financial regulations in Europe.[2] However the Swiss Embassy in Kuala Lumpur has stated the following:
"The Swiss Mutual Fund (1948) and or Swiss Cash are not registered companies in Switzerland. Until proof of the contrary, the Embassy doubts that the remarks about these funds and their historic links to Switzerland as outlined on their original website are genuine. The original website is indeed registered in the USA and the contact telephone number is from New Jersey (USA)." [3]
This information was also collaborated by the Swiss Embassy in Singapore.[4]
The current version of the Swiss Mutual Fund website no longer includes any information about the company's history.
Latest news has it that the Securities Commission, Malaysia's capital markets regulator, has already taken action against the promoters of Swiss Cash.[5]
Criticism There have been allegations that the Swiss Mutual Fund is a Pyramid Scheme, with victims predominantly in Malaysia.[6] The Central Bank of Malaysia has issued warnings regarding Swiss Mutual Fund's legitimacy, and have advised investors to avoid the company and its subsidiaries.[7] The Monetary Authority of Singapore has placed Swiss Mutual Fund in their Investor Alert List.[8]
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