History
Swiss Mutual Fund originally claimed on its website that it was created after World War II in 1948 by the Cheviot family of France, with operations based in Bern, Switzerland. In 1996, the firm moved to the Commonwealth of Dominica due to changes in financial regulations in Europe. 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)."
This information was also corroborated by the Swiss Embassy in Singapore.
On December 13, 2006, Swiss Mutual Fund (1948) S.A. was struck off the Commonwealth of Dominica's Register of International Business Companies.
The current version of the Swiss Mutual Fund website no longer includes any information about the company's history.
At June 2007, the Securities Commission, Malaysia's capital markets regulator, has already taken action against the promoters of Swiss Cash.
The Swisscash website suddenly went offline on August 27 denying members from logging into the website.
According to internet rumours, the website was down due to a hurricane, and would be back online on 25 August, but it didn't come back on the said date as said. The rumours were repeated with later dates such as 1 September and 15 September, but the website is confirmed to be offline permanently.
Afterward, few similar websites were up. But, no official announcement from Swiss Mutual Fund proved that whether those website are from Swiss Mutual Fund. Those websites only had front page, and could not be login.
On September 17, the Financial Supervision Commission of the Commonwealth of Dominica released a press release which confirms that Swisscash is not a registered or incorporated company and does not have any established business in the island nation.
Read more about this topic: Swiss Mutual Fund
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