Good luck to those investor that you not yet get your gold.
Genneva suspected of illegal deposits, money laundering
Business & Markets 2012
Written by Isabelle Francis of theedgemalaysia.com
Friday, 05 October 2012 12:06
KUALA LUMPUR (Oct 5): Genneva Malaysia Sdn Bhd and its gold-investment related companies are being investigated by enforcement agencies for suspected offences, which include illegal deposit taking, money laundering, tax evasion and avoidance.
In a joint statement by four agencies headed by Bank Negara Malaysia (BNM) today (Friday), the authorities said other suspected offences include misrepresentations, appointment of agents without licence and failure to lodge statutory documents.
"Relevant assets and documents of the companies seized from the raid will be preserved for the purpose of facilitating the investigations. The relevant enforcement agencies have mobilised the necessary resources to expedite the investigations," they said in the statement.
The public is also advised to check with the relevant authorities when dealing with companies or individuals offering seemingly attractive business opportunities or financial services that are not licensed.
"Members of the public are reminded to be cautious in investing in unregulated schemes. The enforcement agencies will take action on illegal financial schemes to protect the interest of the investors and the public at large," said the authorities.
On Oct 1, joint raids were carried out on several premises of Genneva Malaysia as well as on the residences of company directors by BNM; the Royal Malaysian Police; Ministry of Domestic Trade, Cooperatives and Consumerism; and the Companies Commission of Malaysia.
This has caused a hue and cry by gold investors who fear that they would lose all or most of their investments.
According to news reports in Nanyang Siang Pau today, Genneva has set up a committee to safeguard its rights and the livelihood of its 500 agents and 6,000 staff. They also demand that the company be allowed to restore its operations.
But Nanyang also carried a negative commentary on the operation of Genneva and the company's beautiful but unfilled promises on gold investment