Malaysia

Gold trading firm raided by five agencies

October 01, 2012

KUALA LUMPUR, Oct 1 — Gold trader Genneva Malaysia Sdn Bhd was today raided by multiple law enforcement agencies here over its trading activities, The Star reported on its website today.

It was reported that the raid was jointly executed by Bank Negara, the police, Domestic Trade, Cooperatives and Consumerism Ministry, and the Companies Commission of Malaysia.

According to Bank Negara, local affiliates of Genneva Malaysia were also targeted in the operation, while the firm’s Singapore arm, Genneva Pte Ltd, had come in for attention from the republic’s Commercial Affairs Department.

“The public is advised to be cautious in investing their money to avoid becoming victims of activities that are illegal and in breach of the law,” said BNM.

Genneva Malaysia touts itself as a corporate member of the Gold Bullion Entrepreneurs Association of Malaysia and claims to determine pricing of “Gold Bullion” products for its members in Malaysia.

It describes its business model as based on the “Al-Bai” principle of syariah.