MALAYSIAN police are investigating a restaurant franchise chain after 10 investors, including a Singaporean, lodged a report claiming one of its directors had absconded with more than RM9 million (S$3.7 million).
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The investors are part of a group of more than 3,000 people, mostly Malaysians, who bought shares in the franchise known as Island Red Cafe. About 200 Singaporeans are said to have invested in the company, which claimed a monthly turnover of about RM2 million.
Each lot of shares was sold for about RM6,000.
Each lot of shares was sold for about RM6,000.
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The first Island Red Cafe opened in Kuala Lumpur in 2007. The cafe is known for its range of local and Western food and has 15 outlets throughout Malaysia.
The 10 investors lodged their police report at the Nusa Bestari police station in Johor Baru on Sunday.
The 10 investors lodged their police report at the Nusa Bestari police station in Johor Baru on Sunday.
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The Malaysian Chinese Association Youth's consumer affairs bureau, which promotes and enforces consumer rights, is working with the police to deal with complaints.
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