Filepic of Bank Negara Governor Tan Sri Zeri Akhtar Aziz. Pix: allmalaysia.infoKUALA LUMPUR: Bank Negara has pledged to expedite its probe into the controversy behind gold trading company Genneva Malaysia, which had been accused of illegal deposit taking as well as violating banking and financial laws. Bank Negara Governor Tan Sri Zeri Akhtar Aziz today said the investigation is being fast-tracked in view of the concerns among Genneva’s customers. 

“We are expediting all investigations so that we can come to an early conclusion,” she told reporters following queries posed to her at the East Asian Insurance Conference in the capital. 

“We know there are many anxious depositors and investors so we will expedite is as fast as we can,” she said. 

Bank Negara had earlier this month conducted a large-scale raid on several gold trading companies in the country for allegedly taking deposits illegally and breaching banking and financial laws.
Among the most high-profile companies were Genneva, whose company website claims that they have no less than 50,000 customers and a turnover of RM3 billion.

In the Oct 1 raid on Genneva’s premises in Jalan Kuchai Lama, Bank Negara seized 200kg of gold bullion estimated to be worth around RM40 million.

Bank Negara wasn’t alone in its crackdown; Singapore’s Commercial Affairs Department had also conducted a similar raid against Genneva Pte Ltd in the island republic.

Bank Negara froze Genneva Malaysia’s accounts and other assets, acting on suspicion that the company had breached several laws such as illegally taking deposits, money laundering, tax evasion, appointing agents without licence, misrepresenting itself as an investment firm, among others.

The move sparked mixed reaction from the company’s 6,000 salesmen who protested against the move; and garnered support from those who had lodged complaints against the company.



- mD