Wednesday, October 10, 2012

Investigations Into Gold Trading Companies To Be Expedited, Says Bank Negara

KUALA LUMPUR, Oct 8 (Bernama) -- Bank Negara Malaysia, the police and the Ministry of Domestic Trade, Cooperatives and Consumerism will mobilise the necessary resources to expedite investigations into Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd.

Source from (Bernama): http://www.bernama.com/bernama/v6/newsbusiness.php?id=700427
Published: October 09, 2012

Bank Negara in a statement Monday said the four companies, which were recently raided by it and the relevant enforcement agencies, will be investigated for suspected offences.

This includes illegal deposit-taking, money laundering, tax evasion and avoidance as well as misrepresentation, including false description and appointment of agents without licence.

"The seized assets and accounts are being kept for the purpose of facilitating investigations into the suspected offences and protect the interest of investors," it said.

The central bank also advised the public to be cautious of investment schemes that promised high returns over a short period of time, with an arrangement that guarantees the return of the principal amount invested.

"Members of the public are advised to check with the relevant authorities when dealing with companies or individuals offering seemingly attractive business opportunities or financial services, that are not licensed by the authorities," it added.

-- BERNAMA

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