Insofar has created a lot of controversy recently after the organizer failed to bank in money into the prize winners account (including mine). I actually had posted about this problem but then removed it since I think it is better to ask the organizer personally first.
Last Sunday, I headed to Wilayah Complex and enquired about it. The organizer, Encik Mat Zaki gave his cooperation and explained to me.
He started with the new policy first that they implemented last month.
"Starting September 2012,a Scholarship Holder MUST play in a Scholarship
Tournament to get the following month scholarship."
That statement was taken from insofar chess official website. Example: You won a prize of (5unit X 100 month = RM500). You must play the next month edition of insofar to earn your RM5. However, you will not received the money if you failed to play in the next edition. Nevertheless the total amount of RM500 will not decreased. So, you will received money only if you play the next month. That means you need to play 100 editions to get the final RM500. Of course, you can earn more if you win more prizes, such as the 60 consecutive edition prize that will reward you (RM1000 X 20 unit).
But it is still GOOD News for the old prize winners. The organizer, Encik Zaki claimed that he will bank in money even if the previous prize winners did not play. This is because, this rule was not stated in the previous edition.
"Winners will continue to get scholarship every month, although not playing in the tournament anymore." (the previous regulation)Later this month, I received an "sms" stating that Insofar will give out the scholarship prizes for September or before, later. So no worries for the previous prize winners as you will received money even if you do not play. Hopefully, the organizer will keep his word as they said "Every man of courage is a man of his word".
For more details or contact no. visit Insofar Site. Link