Friday, December 21, 2012

Nine Investors Suit Genneva For Return Of Investment

KUALA LUMPUR, Dec 20 (Bernama) -- Nine gold investors have filed a suit against Genneva Malaysia Sdn Bhd and its four directors including the Sultan of Pahang's daughter, Tengku Muhaini Sultan Ahmad Shah to claim the return of their investments worth more than RM2 million.

Source from (Bernama): http://www.bernama.com/bernama/v6/newsgeneral.php?id=916720
Published: December 21, 2012

Source from (The Star Online): http://thestar.com.my/news/story.asp?file=/2012/12/21/nation/12487890&sec=nation
Published: December 21, 2012

Daud Mohamad, 63, Sofiah Halili, 42, Fazilahtun Ahmad, 42, Izuan Daud, 32, Mahmud Idris, 73, Mohd Sabri Ibrahim, 55, Noor Asykeen Abu Bakar, 36, Noorazylawati Abu Bakar, 35, and Noraini Jasneh, 30, filed the writ of summons at the High Court registrar's office, here through Messrs Azman & Affendy.

They named the company as the first defendant while Tengku Muhaini, 56, Philip Lim Jit Meng, 55, Ahmad Khairuddin Ilias, 54, and Tan Liang Keat, 40, as the second to the fifth defendants.

In their statement of claim, they alleged they were involved in the gold investment scheme as it was claimed to be syariah-compliant by Genneva Malaysia which also guaranteed it would be profitable.

They also alleged that to participate in the scheme, all the plaintiffs were required to deposit a sum of money to buy gold bars or pieces from the defendant and would receive returns of between two to five per cent a month depending on the amount of gold bought.

According to them, Daud paid RM405,250; Sofiah - RM307,755; Fazilahtun - RM424,000; Izuan - RM119,900; Mahmud - RM60,300; Mohd Sabri - RM20,100; Noor Asykeen - RM20,100; Noorazylawati - RM671,455 and Noraini - RM40,000.

He said up to now, the plaintiffs had failed to obtain gold from them and alleged the defendants made false representation by stating the investment scheme was syariah compliant when it was not.

They also applied for an order to direct Bank Negara Malaysia or any party to return their investment.

They were also claiming interest rate, cost as well as other reliefs.

Counsel Mohamad Siddiq Azani who represented all the plaintiffs told Bernama that the writ of summons would be handed to the defendants next week.

-- BERNAMA

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