Bank Negara Malaysia Says Many Investors Paid BUT Never Get The Gold
The Bank Negara Malaysia(BNM) has release a press statement yesterday on Update of investigations into companies suspected of conducting illegal investment schemes using gold.
Their investigation reveals that the companies suspected of conducting illegal investment schemes using gold had failed to keep proper records of transactions and many investors have not received their gold even paid for it.
Some of the investors still didn’t get any gold as promised even after paying for more than five months.
The press statement didn’t reveal the actual companies name that involved however BNM promise to update the public with further information in due course.
There are in total of four companies suspected of conducting illegal investment schemes using gold; Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd.
All these companies were raided for suspected offences that include illegal deposit-taking, money-laundering, tax evasion and avoidance and false description.
Joint Press Statements by Bank Negara Malaysia, The Royal Malaysian Police, Ministry of Domestic Trade,Cooperative and Consumerism, Companies Commission of Malaysia on update of investigations into companies suspected of conducting illegal investment schemes using gold:
Embargo : For immediate release
Update of investigations into companies suspected of conducting illegal investment schemes using gold
Following recent raids on four companies suspected of operating illegal investment schemes using gold, the enforcement agencies would like to provide the following update.
Investigations reveal that several of these companies have poor record keeping and failed to maintain accurate record of all business and financial transactions. These companies maintained different versions of financial records for different purposes. These companies have also failed to submit audited accounts with the Companies Commission of Malaysia for the last few years, as required by law.
For businesses, especially those that involve large numbers of clients and monies, it is imperative to maintain accurate records of all business transactions to avoid financial mismanagement or misrepresentation of the true financial situation of the company.
Seized records have revealed that a substantial number of investors had paid but had yet to receive any delivery of gold, prior to the raids. The period of non delivery have in some cases, exceeded five months.
The total amount of gold seized during the raids from all the companies is approximately 142.7 kilogram, and monies in bank accounts and cash amounting to RM101.92 million.
The enforcement agencies are aware of the plight facing affected investors and every effort is being made to determine the whereabouts of any monies and assets of the companies. A dedicated team has been established to track the movement of monies and other assets. International accounting firms have also been appointed on a full time basis to assist in the investigations.
The scope of the investigation is international. In this connection, the enforcement agencies are actively collaborating with their foreign counterparts to obtain evidence in several other jurisdictions to assist in the investigations.
Members of the public will be updated with further information in due course.
Joint statement by:
Bank Negara Malaysia
The Royal Malaysian Police
Ministry of Domestic Trade, Cooperative and Consumerism
Companies Commission of Malaysia
5 November 2012
Bank Negara Malaysia
05 November 2012