NikSam
09-29-2013, 04:59 PM
Controversial gold trading firm Genneva Malaysia Sdn Bhd is back in the news, with 6 former senior officers facing a record 929 charges related to money laundering and illegal deposit-taking involving some RM5.5 billion (around 1.7 billion USD) and 35,000 depositors.
According to Bank Negara, Genneva Malaysia’s debt was over 10 times the amount of its assets despite having sold the precious metal at up to 25 per cent higher than the market rate, signalling that the venture was unsustainable in the long run.
The central bank also said early checks showed that Genneva Malaysia had relied heavily on cash from new customers to keep it afloat.
The firm's alleged violations included include taking deposits without giving gold in return, money laundering, evading taxes, appointing agents without licence, failing to file statutory documents, and misrepresenting itself as an investment firm and giving false descriptions on its business after several people lodged complaints with the police.
URL: RECORD 900 CHARGES slapped on Genneva gold bosses: Investors long for their lost money (http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=166992:record-900-charges-slapped-on-genneva-gold-bosses-investors-long-for-their-lost-money&Itemid=2)
http://youtu.be/ZW2K4uDHzIY
According to Bank Negara, Genneva Malaysia’s debt was over 10 times the amount of its assets despite having sold the precious metal at up to 25 per cent higher than the market rate, signalling that the venture was unsustainable in the long run.
The central bank also said early checks showed that Genneva Malaysia had relied heavily on cash from new customers to keep it afloat.
The firm's alleged violations included include taking deposits without giving gold in return, money laundering, evading taxes, appointing agents without licence, failing to file statutory documents, and misrepresenting itself as an investment firm and giving false descriptions on its business after several people lodged complaints with the police.
URL: RECORD 900 CHARGES slapped on Genneva gold bosses: Investors long for their lost money (http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=166992:record-900-charges-slapped-on-genneva-gold-bosses-investors-long-for-their-lost-money&Itemid=2)
http://youtu.be/ZW2K4uDHzIY