KUALA LUMPUR, Dec 3 (Bernama) -- Bank Negara Malaysia (BNM) and related enforcement agencies are taking every effort to expedite the investigations on Genneva Malaysia Sdn Bhd to facilitate an early conclusion to the matter.
Source from (Bernama): http://www.bernama.com/bernama/v6/newsbusiness.php?id=713545
Published: December 04, 2012
In a joint statement today, BNM, Royal Malaysin Police, Ministry of
Domestic Trade, Cooperative and Consumerism and Companies Commision of
Malaysia, said they had received numerous appeals from affected parties
in respect of Genneva Malaysia for the release of monies frozen (RM99.8
million) and gold seized (126 kg) secured as evidence of suspected
offences.
"Such monies and gold are required for the investigations and will only
be dealt with at the direction of the courts," the statement said.
It said the initial forensic accounting has uncovered considerable
losses being experienced by the company in 2012 and the company has
liabilities exceeding 10 times its assets.
"The actual operations of the company by selling gold at about 20 per
cent to 25 per cent higher than the market price, paying returns of
about two per cent to three per cent per month to customers, and buying
back the gold from customers at the initial purchase price has not been a
sustainable venture.
"In this regard, the cash flow for the company to sustain its
operations has relied heavily on the monies collected from new
customers," it said.
The statement said seized documentation has revealed that over 8,000
customers of the company who had paid for gold had yet to receive their
gold amounting to over 4,000 kg.
"In addition, the records show that there are customers who have
surrendered their gold to the company but have yet to receive their cash
reimbursement that amount to more than RM80 million," it said.
The statement advised the public to refer to BNM's website for further
information, with further information will be provided as the
investigation progresses.
-- BERNAMA
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