Lift suspension on Genneva, Bank Negara urged

A supporters group said that more than 300,000 gold buyers have been affected by the BNM action to suspend the company's business operations.

PETALING JAYA: Customers of Genneva Malaysia Sdn Bhd have urged Bank Negara Malaysia (BNM) to lift its suspension on the company immediately, saying that it was only fair to allow Genneva to operate while investigations are still in progress.

The Genneva Malaysia supporters group said in a statement yesterday that more than 300,000 gold buyers have been affected by the BNM action to suspend the company’s business operations.

“We request you to recognise the toll that your actions have taken on our lives. Allow Genneva Malaysia to resume its business operations so that any further impact on our lives and livelihood will be mitigated,” they said.

The gold buyers want BNM to immediately unfreeze the company’s accounts, return the cheques (taken during the raid) and the hundred grams of gold bars to the owners.

“A grace period should be given to Genneva so that it can correct any wrongful action, if any.

“Many customers are solely dependent on the hibah [gift] to finance the children’s further education, medical care, housing and car instalments and feed their families,” said the group which identified itself as Genneva supporters.

The group also said that company’s integrity has been compromised following the raid as a slew of dignitaries, including the prime minister wife Rosmah Mansor and royalties, used to attend Genneva’s functions.

The supporters also said the Finance Ministry had confirmed in a letter to Genneva that gold trading is permissible and therefore should not be regulated.

On Oct 1, the police, BNM, Companies Commission of Malaysia and Domestic Trade, Cooperatives and Con­sumerism Ministry jointly conducted a raid on Genneva and its affiliates in the country for various suspected offences.

Three other companies, Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd, were also raided.

The suspected offences being investigated are illegal deposit-taking, money-laundering, tax evasion and avoidance, false description, including misrepresentation and appointment of agents without licence.