Source from (Bernama): http://www.bernama.com/bernama/v7/ge/newsgeneral.php?id=950280
Published: May 17, 2013
Source from (The Malaysian Insider): http://www.themalaysianinsider.com/malaysia/article/bank-negara-not-satisfied-with-genneva-directors-acquittal-to-file-appeal-tomorrow/
Published: May 17, 2013
“The AGC and BNM are not satisfied with the decision by the Sessions Court to acquit Genneva Sdn Bhd and its directors today,” the central bank said in a three-paragraph statement today, referring to the Attorney-General’s Chambers by its initials.
“The AGC has agreed for BNM to file the notice of appeal tomorrow. BNM will also apply for the assets of Genneva Sdn Bhd to remain seized under Anti-Money Laundering and Anti-Terrorism Financing Act 2011 pending the appeal,” it added.
Earlier today, the Sessions Court ruled that the four accused – Genneva’s three directors and a former director – had carried out a genuine gold trading business, saying that the buy-back concept was merely the company’s marketing strategy to assure buyers that the gold bars were genuine gold.
The four – directors Datuk Ng Poh Weng, Datuk Marcus Yee Yuen Seng, Datuk Chin Wai Leong and former director Liew Chee Wah – had allegedly committed the offences between July 2008 and June 2009.
Bank Negara also said today that Genneva was brought to court in October 2010, with investigations launched on the company after the bank received complaints from the public.
The bank explained that Genneva Sdn Bhd and another company, Genneva Malaysia Sdn Bhd are “separate” entities.
“The investigation on Genneva Malaysia has now been completed and the findings are being submitted to the Attorney General Chambers (AGC),” it said in the same statement, having said that the company was jointly investigated by the bank and other agencies.
Genneva Sdn Bhd was raided by the central bank in July 2009 over a dubious gold trading scheme. In October last year, BNM also raided Genneva Malaysia Sdn Bhd and its affiliates.
Bank Negara had frozen Genneva Malaysia’s accounts, cheques and other assets worth RM99.8 million in cash besides seizing 126kg in gold bullion on suspicion that the company had violated various banking and financial laws which 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.
Last December, nine investors sued Genneva Malaysia and four of its directors — named as Tengku Muhaini Sultan Ahmad Shah, Philip Lim Jit Meng, Ahmad Khairuddin Ilias and Tan Lian Keng — to get back over RM2 million in investments, claiming the firm had carried out fraud and misrepresented the scheme as compliant with syariah law.
The gold trading business is unregulated in Malaysia.
Gold trading companies under investigation by Bank Negara and the status of the probes are listed here (http://www.bnm.gov.my/microsites/fraudalert/0301_status.htm). Bank Negara also has a Financial Fraud Alert website (http://www.bnm.gov.my/microsites/fraudalert/index.htm) that seeks to increase public awareness on illegal financial schemes.
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