Performance Investments Products Corp. (PIPC) scam



FrancSwiss out, PIPC in.

Just as the FrancSwiss scam issue is showing signs of fizzling out, a new scandal has rocked the financial sector involving a Singaporean and hundreds of wealthy Filipino investors.

Last week, an investor of the foreign exchange trading firm Performance Investments Products Corporation (PIPC) filed a complaint with the NBI claiming that the owner of the company, Singaporean Michael H.K. Liew, has fled the country and disappeared, supposedly taking with him between US$140 million and US$250 million of investors’ funds.

Meet other investors and discuss PIPC in the Performance Investments Products Corporation (PIPC) thread. Discuss the PIPC-related company, PFEC, in the Performance Foreign Exchange Corporation (PFEC) thread in the PMT Forum.The following are excerpts from the Singapore Straits Times article on PIPC.

PIPC is part of the Performance Group of companies, whose website lists a Singapore subsidiary, Performance Asset Management, and branches in Japan, South Korea, China and Switzerland. The company, according to reports, is owned by Mr Liew.

The head of the Philippine Securities and Exchange Commission (SEC) was quoted as saying that although PIPC was registered with regulators, it was not an authorised foreign-exchange trading firm.

SEC chairman Fe Barin said the commission has been ‘quietly investigating’ PIPC after complaints from investors.

Mr Liew set up the Philippine company as an online forex trading service in 1998. He has not been publicly associated with any previous alleged financial irregularities.

But a good deed got him mentioned.

Mr Liew was the principal donor to the renovation of part of the obstetrics and gynaecology wing of the Philippine General Hospital in Manila. He led the ribbon-cutting at the inauguration last August and was presented with a plaque for his philanthropy.

The hospital’s website said Mr Liew dedicated the project to the memory of members of his family who perished in Phuket, Thailand, in the December 2004 tsunami.

PIPC’s offices are located at Citibank Towers in the capital’s financial district of Makati, which is a top business address here.

Here is a timeline of events starting from Mr. Liew’s disappearance to the recent investigation, taken from the www.findmichaelliew.tk site put up by employees of PIPC.

July 24, 2007. Ferrier Hodgson Limited has been officially engaged to help in the investigation. The company specializes in Forensic Accounting, Financial Investigations and Fraud services.

July 19, 2007. Formal complaint filed by Cristina Gonzalez-Tuason against Mr. Michael Liew.

July 17 2007. Demand Draft received by Tokyo Head Office, the amount a mere fraction of what was implied by the Relationship Manager.

July 13 2007. ABN Amro confirmed that FX accounts had been closed with a Demand Draft sent to a beneficiary address in Japan.

July 10 2007. Communicated with Albert Chua regarding Mr. Liew’s whereabouts.

July 09 2007. Emails to Michael Liew bounced. Phone calls went unanswered and merely redirected to voice mail.

July 07 2007. Last email received from Mr. Liew.

July 05 2007. Last telephone conversation with Mr. Liew.

June 20 2007. Michael Liew’s last known departure from Manila.

Read more about PIPC here:

Join related discussions:

About the Author

PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more
blank

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more
blank

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more
blank

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more
blank

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more
blank

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more
blank

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more
blank

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

6 thoughts on “Performance Investments Products Corp. (PIPC) scam”

  1. I would like to know if the meeting with local PIPC investors and the NBI scheduled earlier today (Jul 26) pushed through.

    Appreciate if you could include my email address in your mailing list so I can be provided updates on this case.

    Thank you.

    Reply
  2. He should be hanged to death!!!!!!!! He is soooooooooooooooooooo not human!!!!!!!!! 212 MILLION!!!!!!!! Can You Believe IT!?!?!?!?!?!?!?!?!WHY IS HE STILL ALIVE?!?!??!?!?!?!?!?!?!?!?!??!

    Reply
  3. An intriguing discussion is definitely worth comment.
    I think that you ought to publish more about this subject, it might
    not be a taboo matter but typically people don’t talk about
    these subjects. To the next! Best wishes!!

    Reply

Leave a Comment