KUALA LUMPUR: Acknowledgement letters issued by Bank Negara to scheduled institutions have allegedly been misused to solicit investments from the public in financial schemes involving gold and other precious metals.
Source from (The Star Online): http://biz.thestar.com.my/news/story.asp?file=/2012/8/3/business/11787011&sec=business
Published: August 03, 2012
In a statement, the public had been advised to exercise due caution when dealing with companies or individuals that use such acknowledgement letters purportedly issued by Bank Negara.
It had received enquiries regarding companies which represented themselves as scheduled institutions with the central bank.
Under the Banking and Financial Institutions Act 1989, a company that conducts either leasing, factoring, development finance or building credit activities only obtains a written acknowledgement from the central bank.
“Such an acknowledgement letter does not amount to a business licence or approval by Bank Negara. A register of scheduled institutions which have obtained an acknowledgement from the central bank, is maintained for statistical purposes only.”
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