10/06/2012
This public announcement is the result of the Council Meeting on 3rd June, 2012:
After the voluntary closure of FE Brands (M) Sdn Bhd on 20th February 2012, a group of FE Leaders decided to voluntarily form a committee to find a solution to the crisis.
Its objectives were:
1. To recover all unclaimed stocks from the purchases of the company's product packages;
2. To recover all the outstanding bonuses owed by the company to all its distributors;
3. To recover all shares from the company's promised and intended overseas Initial Public Offering (IPO). The promised shares are a result of purchases of the company's special product packages.
Actions taken to the above 3 Objectives:
1) Till today, distributors are still unable to withdraw any stock from the company's liquidator although this was promised by Mr Paul Ting, the Founder and CEO of FE Brands (M) Sdn Bhd.
2) To help recover the outstanding bonuses which are held in the eWallets of members' virtual account in the company's website, the Council Members decided to form a company to do that since the founder Mr Paul Ting and co-founder Mr KS Lee claimed that the company is unable to pay.
The modus operandi is to generate profits from the sales of products from the new company Quantum Life International Sdn Bhd (QLI) to pay the eWallets of all members. QLI is to operate as an MLM company using a link to former data base of FE Brands.
Upon the Council Members' persistent demand, the "Seed Capital" of RM2 million was eventually arranged by Mr Paul Ting to fund its operations which was a small price to pay for the multi-million US Dollars still owed to all its distributors. A professional manager (General Manager) was appointed to run its operations. 5 leaders volunteered to be directors of QLI who are trustees of this company.
For the record, QLI is a completely new legally incorporated company, comprising volunteer directors (from the network leaders themselves!) and therefore absolutely not responsible for all the liabilities of FE Brands and its founders Mr Paul Ting and Mr KS Lee. All the above 3 objectives of recovering the outstandings owed to all distributors are done on a voluntary basis by all the Council Members who take the leadership position to initiate the process. The Council Members do not owe any distributor a single sen as all of us are also the victims of this crisis.
It was decided to:
1. Suspend all eWallets into an account called Account 1.
2. Nett profits generated from QLI will be used to pay ALL outstanding amounts in Account 1 of ALL distributors over time (on a best effort basis) irregardless of ranking or irregardless whether they are doing the business in QLI.
3. The database of the former FE Brands with all outstanding PVs and eWallets will be linked to the new QLI website as a starting point in the business.
4. All former distributors of FE Brands are invited to continue doing the new business in QLI. For bonuses generated from the new business in QLI, the amount will be placed into a new eWallet called Account 2.
5. Those distributors who do not qualify to withdraw amounts from Account 2 (new business) although they still qualify for Account 1 are those leaders who have joined another MLM company and actively sponsoring distributors from QLI. Such leaders are termed "competitors" from another MLM company.
QLI practises transparency and all money used for setting up the company and business is carefully recorded and can be audited by any member of FE Brands. All Council Members do not claim a single sen from QLI and all work done is on a voluntary basis. An email account is set up below so that member distributors can email directly to QLI's General Manager, if they wish to audit the accounts.
3) The meeting in Hong Kong on 8th March 2012 with Mr Paul Ting and Mr KS Lee with leaders of FE Brands was used to hold on to the promise made by Mr Paul Ting and Mr KS Lee, by them signing an agreement in the presence of leaders on the promised share of 80% IPO Listing shares back to the distributors of FE Brands by virtue of the special product packages purchased by member distributors.
The new company QLI was incorporated on 27 March 2012 after countless meetings and many challenges. It shall be ready to commence business in mid June. By then the new stock and new office will be ready.
The most challenging problems were not the work involved in setting up the new company and business but by the relentless and vicious attacks by some misguided members and delinquent leaders of FE Brands who were bent on seeing QLI fail for reasons only known to themselves. Instead of giving their full support & staying united by using QLI as a proper and legitimate vehicle to achieve the 3 key objectives to help resolve FE crisis, they have sadly, continued their attacks in cyberspace and elsewhere, sapping the energies of the Council Members whose action-oriented (instead of mere lipservice) motives were to help the members and themselves. All sorts of accusations were thrown at the council members bordering on the ridiculous, including the allegation that QLI is protecting FE's founders. So far no viable solution has been offered by any critic/delinquent leaders or any party as to how to resolve the FE crisis when QLI is already there for members/leaders to work together as a legitimate platform for crisis resolution. Therefore, at a council meeting on Sunday, 3rd June 2012, it was unanimously decided that all the current council members to resign.
The main reasons for the Council's decision are:
1. There is virtually no communication from Mr Paul Ting (and Mr KS Lee) since the former arranged for the seed capital despite various emails, SMSs and calls by Council Members and our GM himself.
2. There is no firm answer on the date of listing of IPO (which was supposed to be in March 2012) or any evidence to support the authenticity of the impending IPO.
3. The various attacks and condemnation on the integrity of the Council Members make it meaningless for the Council Members to continue helping to run the new business.
Also, the main reason for setting up QLI was the promised IPO for the members but since this is a dubious case, it was pointless to continue.
Accordingly, the former Council Members propose that:
1. All critics (instead of "advising" from outside of QLI) and any other leaders to form a new committee and Council to oversee and manage QLI, with perhaps better approach and ideas;
2. It is proposed that should this offer is not taken by 17 June, 2012 :-
a) The council will engage a lawyer to hold in trust the balance funds of QLI;
b) A "Task Force" to be formed to focus on recovery of all debts owed to all FE Brands distributors
"A Pro-Temp committee consisting of Members/Leaders is invited to form the Task Force. Please get in touch with the new lawyer for his advice on this matter once he is appointed.
The former QLI members wish this new Task Force Committee all the best in this future undertaking."
c) The outstanding funds to be used for (b)'s purpose
d) The lawyer will advise on the various measures to recover all debts
e) QLI will cease operations
f) All deposits to be refunded in full to all distributors who booked or bought products.
For the record, the Council Members would like to thank all those leaders and distributors who have loyally given their undivided support & kind understanding for the Council's efforts.
Council Members:
1. KC Phoon - Chairman
2. Dato Dr Barani - Vice Chairman
3. Mr Karuna
4. Mr Loh Chow Huat
5. Mr Chow Chong Seng
6. Ms Tilly Kong
7. Mr Kenny Yick
8. Mr Goh Thiam Chye
9. Mr Allan Yeo
10. En. Azizuddin abd malik
11. En Wan Mohamad Firdaus
