Indonesian investors in funds protest outside office

A group of angry investors from Indonesia yesterday demonstrated outside the offices of an offshore investment company against what they say is its refusal to return US$120 million in investment capital and dividends.

Four investors from Surabaya and an agent for the Indonesian company appointed to market the investment scheme in Indonesia demonstrated outside a building in Lockhart Road, Wan Chai.

Neither the firm nor its Hong Kong director can be named for legal reasons.

Chanting slogans and holding banners reading 'Pay back our life savings money! Pay back our sweat and blood money!', the protesters were denied entry to the building by security guards.

'We came here to meet the company director, hoping to get our money back,' investor Elly Norindah Poerwanto said.

Ms Norindah said the Hong Kong company had lied to hundreds of Indonesian investors by encouraging them to buy into two funds that promised annual returns of 24 per cent and 28 per cent.

A director of the company, which has one director in Hong Kong and four in the US, said it had never deceived the Indonesians.