Any Body Had Dealings With This Company?

[Fishhead]

Hello

Has anybody had any dealings with Jaydaen Finance here in Thailand ? Any feedback would be grateful..

[MyNameMe]

Hello

Has anybody had any dealings with Jaydaen Finance here in Thailand ? Any feedback would be grateful..

Not dealt with them but you could make a basic judgement based on the information provided:

1. 40% returns listed

2. No/ Minimal risk

3. Working hard to stay within the accepted legal requirements in Thailand. (does that mean pay the tea money every month?)

Sounds too good to be true? well just ask yourself 'would I invest money in this project?' If it is promising 40% returns with no risk, why aren't thousands of people pouring their money into this project and posting positive comments? I think you have to be very careful before investing in any project at all in the current financial climate.

Mynameme

[PhilHarries]

MyNameMe, just insert the words "Then it is" after the opening question in yur last paragraph and that's all anyone needs to consider.

Who offers 40% return these days? No or minimal risk? "We are most dreadfully sorry sir, it was a one in a thousand chance but unfortunately in your case it came up."

I wouldn't be careful, I'd plain ignore it and keep hold of my money.

[MyNameMe]

MyNameMe, just insert the words "Then it is" after the opening question in yur last paragraph and that's all anyone needs to consider.

Who offers 40% return these days? No or minimal risk? "We are most dreadfully sorry sir, it was a one in a thousand chance but unfortunately in your case it came up."

I wouldn't be careful, I'd plain ignore it and keep hold of my money.

I was hoping that people are smart enough to get the idea that if it's sounds too good to be true then it is...! If I could invest my cash and get a no/low risk return of 40% then I'll be fighting to be at the front of the queue.

My money is now distributed in 4 different countries and in various denominations of cash as well, just to be safe.

Mynameme

[Moonrakers]

I wouldn't touch it with your money.

[degilbo]

They have the following current classified on Thai Visa.

http://classifieds.thaivisa.com/business/i...-roi-18150.html

Buy rice futures for spring 2009--great roi

Our company is offering limited investment in rice futures for Spring 2009. We pay local rice farmers for a portion of their crops today and sell the harvested crop in June. Farmers want money in their pockets now to help pay for harvesting and operating expenses, for the Songkran holidays, and for their own general use. We often get a better than 50% return over this short period. We are offering investors in this program a 40% return plus principal. We assume the risk and do the work and make a nice profit for ourselves by using this investment money, and we will gaurantee the returns in exchange. Investment money must be paid in no later than March 5th and will be returned with 40% interest by June 15th at the latest. This is a legitimate and serious opportunity and investment is limited. Contact us for more information or visit our company website by searching for JayDaen Finance.

[MyNameMe]

They have the following current classified on Thai Visa.

http://classifieds.thaivisa.com/business/i...-roi-18150.html

Buy rice futures for spring 2009--great roi

Our company is offering limited investment in rice futures for Spring 2009. We pay local rice farmers for a portion of their crops today and sell the harvested crop in June. Farmers want money in their pockets now to help pay for harvesting and operating expenses, for the Songkran holidays, and for their own general use. We often get a better than 50% return over this short period. We are offering investors in this program a 40% return plus principal. We assume the risk and do the work and make a nice profit for ourselves by using this investment money, and we will gaurantee the returns in exchange. Investment money must be paid in no later than March 5th and will be returned with 40% interest by June 15th at the latest. This is a legitimate and serious opportunity and investment is limited. Contact us for more information or visit our company website by searching for JayDaen Finance.

I just spoke to a friend of mine who is an accountant told them the basics... they just laughed. Says it all really.

Mynameme

[Briggsy]

:D

[MyNameMe]

:D

Briggsy, are you an accountant? your post puts a picture to what I was listening to earlier......

[Naam]

I wouldn't touch it with your money.

[MyNameMe]

I wouldn't touch it with your money.

Looks like they didn't get enough money first time around....

http://classifieds.thaivisa.com/business/i...-roi-21153.html

Still saying they are legit.. I spoke to my lawyer, they advised to steer well clear of this and spend my money on something more worthwhile.

mynameme

[0Mix1up]

so its a 'rice futures' scheme?

[chiangmaibruce]

so its a 'rice futures' scheme?

That's probably an overly grand name for what (I am guessing) is probably little more than a loan-shark operation. Farmers lend money against the value of the rice crop they have yet to harvest (your money), business x charges them a whopping (illegal) interest rate. They pay business x with rice once it is harvested (if they don't do a runner). Business x sells the rice and makes $$.

Business X can make very good money doing this. But as to whether the profit flows back to arms-length investors (or just the downside risk), well I wouldn't like to count on that

[Beacher]

It sounds like a situation where loan sharks are asking for a loan.

Bad morally and financially.

[capco1]

I also was curious to find out more about this company, I asked an attorney in Thailand for his input and below was his exact response. Take it for what it's worth but I would keep my money in my pocket.

Never heard of http://jaydaenfinance.com/home.

It's a brand new organization that registered their websites only 2 months ago.

The website information is private, which makes me wonder why?

It's written OUR COMPANY and in "about us" it is said it's own by 2 people. Companies in Thailand MUST HAVE AT LEAST 3 SHAREHOLDERS. It's already not fully clear.

Investment, if I remember, is a protected field in Thailand. They should be careful to the working of the website. Making loans is fine. Maximum interest by Law is 15% per year and its writtent they do it at 20% per month!!! Credit cards and banking institutions can go higher (20% for credit cards). But they probably don't have a license as a financial establishment... But not a Thai Limited registered company, if they want to follow the law. I believe it's limited to "public companies"...

Also, I would never invest in a club!!!!!! How many are going bankrupt or do not work out? Very risky.

But the website is well done. Microfinance is normally done by NGO without any profits or so. This looks like a shark business when you see 20% per month.

If you invest real money into that, you need to double check the company's paper at the Department of Business Development. You also need to check what is the asset of the company, because if they can't deliver or pay back, you need to seize their property. Also, the contract you make with this company must be legal. If they make a LOAN agreement with a promise to pay you back 20% interest per month, I would think this contract is void in Thailand as the law states 15% per year maximum...

There are legal problems in this business. If there weren't, banks will do the same at 10% and not 20%. And I would straight away put some money there!!!!! (even at 10%). Why would you setup a company, or a business, when you can get more than 100% return in a year?

capt

[p_brownstone]

It is very common for Thai farmers to borrow money against the future sale of their crops – it has been going on for decades if not centuries.

That said however the system is tightly controlled by the “Towkae” – usually a Thai / Chinese businessman who owns the local Rice Mill, General Goods Store, Fertiliser / Pest Control distributor – whatever.

Farmers will have been tied to the same Towkae for generations and there is little chance that a Foreign Company could break into the system.

Patrick

[MyNameMe]

UPDATE:

I did a bit more digging and it looks like 'fish' is/was part of the company... and then it all went dead... I went back and checked the website:

"JayDaen Finance has been disolved and their operations absorbed by another company.

If you need any information, please email to jay@l*****hotel.com."

[earlofwindermere]

For those interested in this topic, the Bank of Thailand is coming out with new microfinance laws in October of this year. Companies like the above will be more common in this country. I am involved with a foundation in Northern Thailand that currently operates a microfinance program. However; most microfinance usually is done on a for-profit basis by banks or investment funds. Thailand is unique only because of the current laws. For your information, this is what is already known about the new lending laws....

1. The 15% interest rate cap will be removed. Interet rates will be market-based. For those who think that 15% is too high, take a look at all other countries. This is incredibly low and is considered too restrictive. Even Nobel-Peace winning organizations like Grameen charge about 30% interest per year. Heck, my own credit card from Canada charges more than 15% per year. Unregulated moneylenders in Thailand are in the news frequently for charging up to 20% per day in interest charges.

2. Some kind of change will be done to remove the restriction of foreign capital for lending companies. The exact change is not clear but there will be a change.

While this may seem to be bad news for some, it will increase the number of players in the industry. With more competition, the assumption is that organizations will be forced to be more efficient and reduce the interest rates that they charge. I guess only time will tell. A group of us post any activity about microfinance on www.microfinancethailand.com for any of you who are interested in this sector.

[hhgz]

"It sounds like a situation where loan sharks are asking for a loan."

"Bad morally and financially."

Physically, too. How do you successfully negotiate with a bunch of thugs for the repayment of a loan?

[12DrinkMore]

"It sounds like a situation where loan sharks are asking for a loan."

"Bad morally and financially."

Physically, too. How do you successfully negotiate with a bunch of thugs for the repayment of a loan?

Call in the BIBS? Or the Tourist Police? Or even better, the paramilitary "FTPA" from Pattaya.

:D

Edited September 22, 2009 by 12DrinkMore