Malaysian artists are being advised to thoroughly vet companies offering them lucrative deals, following investigations into a financial consulting company and several celebrities suspected of involvement in a loan offer syndicate.
Malaysian artists are being advised to exercise extreme caution before accepting any offers, particularly those involving unusually large sums, by conducting thorough checks on the companies involved. This advice comes from Datuk Freddie Fernandez, President of the Malaysian Performing Arts Association (Karyawan), who emphasizes the importance of this step to prevent exploitation by illegal business ventures.
“Exploitation of artists is not a new phenomenon, but rather has occurred several times before. Manipulators often use celebrities because of their influence in society. “An artist's participation in a product or scheme can give the public a high level of confidence, making them easy targets for companies or individuals who want to take advantage,” he said in a media statement. Commenting on the Malaysian Anti-Corruption Commission (SPRM) investigation into a financial consulting company and several artists linked to a fraud of hundreds of millions of ringgit, Freddie believes the celebrities involved may be unaware that they are being exploited by a syndicate. “Most of them accept these offers because, besides performing, being product ambassadors or receiving sponsorships are also their primary sources of income. “However, I believe the modus operandi of such syndicates is very cunning and misleading, as if they are conducting legitimate business under the law, so artists accept their offers,” he said. As a preventive measure, Freddie urges artists to take the initiative to seek professional services before signing contracts with companies offering sponsorships or ambassadorships. “Get professional advice if necessary, especially in matters related to finance and law. “Don't rush to sign any contract without understanding its implications,” he said. Earlier, media reports said that several celebrities, including local icons, were on the radar of the SPRM investigation suspected of being involved in a loan offer syndicate. So far, 27 individuals have been arrested, including 18 bank officers, eight employees of the involved financial consulting company, and one civilian, and all of them have been released from remand on SPRM bail
Malaysian Artists Fraud Financial Consulting Exploitation Loan Offers
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