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Tuesday, October 2, 2012

Genneva Gold Malaysia

Gold trading firm Genneva's offices raided

Dr Mahazir perasmian syarikat Geneva 

PETALING JAYA: The police, Bank Negara, the Companies Commission of Malaysia and the Ministry of Domestic Trade, Cooperatives and Consumerism jointly raided gold trading firm Genneva Malaysia Sdn Bhdand its affiliates in the country for various suspected offences.
Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in the republic.
In a statement released yesterday, Bank Negara said the raid was to probe suspected offences under the laws administered by the agencies.
“The public is advised to be cautious in investing money to avoid becoming victims of activities that are illegal and in breach of the law,” the statement read.
Waiting patiently: Customers gathering outside Genneva‚Äôs office in Jalan Kuchai Maju 6 as the raid is in progress.Waiting patiently: Customers gathering outside Genneva’s office in Jalan Kuchai Maju 6 as the raid is in progress.
The website for Genneva Malaysia remained accessible providing visitors with information on the company's background and contact details, among others.
The firm's Singapore portal, however, was not fully accessible.
The website for the Genneva Pte Ltd at, takes visitors to a single page with the message that reads: “Work in progress, to ensure all obligations to our customers and consultants are met.”
The message urged for calm and cooperation during “these trying times as we work out amicable solutions for everyone”.
Genneva Singapore's Facebook stated: “Pray for positive outcome while the new management is working round the clock to solve problems.”
“We Shall Overcome!,” read a message posted on the page yesterday afternoon. (
Meanwhile, several clients and gold traders of the company cried foul over the raid.
A trader, who only wished to be known as Nick, said money earned from the purchase and sale of gold had helped fund his son through university.
“There has never been any complaint by the clients. The company has helped the livelihood of thousands of people. Why are the authorities interfering in a legitimate business?” he asked.
Another trader, S. Shanti, said the money from her buying and selling of gold, which she stressed was done with the relevant documentation and tax deductions, had helped pay for her mother's dialysis weekly treatment costing RM1,000 over the past three years.
“If they put a stop to this company, how am I going to foot the expensive bill for my mother's health?” she asked outside the company's office in Jalan Kuchai Maju 6.
She was among 100 customers, aged between those in their 20s and 70s, who had gathered at the office in support of Genneva after hearing of the raid yesterday afternoon.
They hoped that the authorities would complete the investigations and leave the company alone after that.
It was learnt that Bank Negara held a briefing with all the other agencies in Putrajaya at 8am before the simultaneous raids were conducted.
Staff at the Jalan Kuchai Lama office had their statements recorded until about 9pm before they were allowed to leave.
Officers at the scene were tight-lipped over the operation. However, they were seen carting away documents and files from the two premises located opposite each other.

PPIM lodges police report against gold investment company


KUALA LUMPUR: The Muslim Consumers Association of Malaysia (PPIM) lodged a police report against a gold investment company alleging the company continued to claim its investments to be syariah compliant despite being renounced by the National Fatwa Council.
The report was made by PPIM executive officer Mohd Mustaffa Hamzah at the Ampang district police headquarters here Wednesday at 12.30pm.
“We made the report so police can carry out investigations into why the company still states on its website that it is syariah compliant, and hopefully make them remove such claims,” Mohd Mustaffa told reporters.
On July 11, the National Fatwa Council declared that Genneva Malaysia Sdn Bhd did not comply with syariah and national law in its gold investment transactions.
“Companies cannot simply claim they are syariah compliant when they don't follow the regulations, this can be very misleading if the public remains unawares,” said Mohd Mustaffa.
He added that the PPIM had recieved over 30 complaints from the public regarding the contradictory situation.
Mohd Mustaffa claimed that an investigation by the association revealed Genneva was operating without a licence to take deposits.
“We worry that should the public continue to invest in Genneva, they could stand to lose their money should the company prove to be fraudulent,” he said.
According to the Bank Negara Malaysia (BNM) website, in 2009, it began investigations into Genneva Sdn Bhd under suspicion of conducting illegal deposit taking activities in breach of Section 25(1) Banking andFinancial Institutions Act 1989 (BAFIA) and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).

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