By BERNAMA / Pic By TMR

Berjaya Corp Bhd executive chairman Tan Sri Vincent Tan Chee Yioun (picture) denied investing US$250 million (RM1.04 billion) in a project known as “The Formula”.

He said this in reference to a current online media article entitled “Vincent Tan gives back to the people with his latest project”, which was about “The Formula”, a purported share trading platform, which claims to utilise an algorithm that allows trades executed through it to beat the stock market with an accuracy of 80%.

“I would like to categorically deny that I have made any investment in this project or that I am in any way involved in it.

“There is absolutely no truth in this report which I believe has been put out by unscrupulous persons to deceive the public,” he said in a statement yesterday.

Tan said this was not the first time that his name had been used without his knowledge or authority for the purpose of lending credibility to online investment scams.

“I have reported this matter to the relevant authorities, so that appropriate action can be taken. I would advise the public to be wary of promises of quick riches and not to fall prey to scams like this,” he added. — Bernama