No order yet to raid firm's KK branch: Cops
Published on: Thursday, October 04, 2012
Kota Kinabalu: The Genneva Malaysia Sdn Bhd branch office here appeared open despite action taken by the authorities on its main office and affiliates in Kuala Lumpur. A check at its branch office at KK Times Square on Wednesday afternoon indicated everything was calm although there were no investors present there then. At its front door was a small signage stating "CLOSED" although they did accept anyone who wished to come in. The counters also remained open with at least one counter clerk operating it.
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However, there was a notice pasted by the management on the wall outside the main door to notify its clients about the problem faced by the company, saying the company is doing its best to clear up the matter with the relevant authorities concerned. A Daily Express reporter who checked the office was asked to leave the moment she introduced herself to the clerk at the counter. City Police Chief ACP Jauteh Dikun, when contacted, said they have yet to receive any directive to follow up on this matter here. The last raid on such trading was on an investment company (not this company) they conducted in the city was in July this year, he said.
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However, it was unclear whether the company in Time Square comprises the same Board of Directors as that of the July raid. Bank Negara officials, when asked, declined to comment on the matter but asked the Daily Express to keep to what was stated in its statement.
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Police, Bank Negara, the Companies Commission of Malaysia and the Domestic Trade, Co-operatives and Consumerism Ministry were reported to have jointly raided the gold trading firm and its affiliates in the country for various suspected offences on Monday. Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in the republic. Bank Negara, in a statement issued Monday, said the raid was to probe suspected offences under the laws administered by the agencies. According to the Domestic Trade, Cooperatives and Consumerism Affairs Ministry's enforcement division, one of the four government agencies involved in the raid of the firm in KL, the action was in response to numerous complaints by investors. Division head Mohd Roslan Mahayudin said besides Bank Negara, the lead agency heading the operations and investigations, the Ministry had also been receiving complaints over the past four months from people who had allegedly lost their investments. "The decision to raid Genneva was carried out by a task force led by BNM to probe get-rich-quick schemes," he said.Sources familiar with the investigations said the company was being investigated for offences under money-laundering and deposit-taking laws. Genneva has ceased all transactions pending the outcome of the investigations.In a public statement posted on its Facebook page and website, the firm urged agents and customers to stay calm while it settled the issues with the authorities. A senior official of the company claimed that Genneva had not violated any laws. The official, who wished to remain unnamed, said the firm wrote to the Finance Ministry earlier this year for guidance on gold trading and had also given its views on the business.He said the ministry replied that a meeting would be arranged to listen to Genneva's views and suggestions on gold trading. "So far, there has been no feedback on when the meeting will be held. We thank our customers for supporting us. We are purely a gold trading company. Stay up-to-date by following Daily Express’s Telegram channel.
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