Two Barisan Nasional parliamentarians took turns to pound Bank Negara for failing to prevent the recent incidents of companies allegedly using improper means to amass investments from Malaysian investors for questionable gold-based investments.
"This involves negligence on the part of Bank Negara," lamented (BN-Pasir Salak) (left) during the policy stage debate of the Financial (No. 2) Bill in the Dewan Rakyat today.
He also insisted that the investors are those duped and it is the company that must be made accountable for any wrongdoings.
Joining him in the tag team against the central bank was Idris Harun (BN-Tangga Batu).
"When a carcass is decomposed and filled with maggots, then we smell it. Only after a thousand flies has swarmed over it. A thousand flies cannot be wrong," said Idris, asking why it took so long for the regulator to realise there were problems with the gold investment schemes.
He also lamented that there must be a problem with the way Malaysians are educated about financial matters and management as many, including some of his close friends, fall prey to the dodgy gold investment schemes and the Internet con-jobs that mainly originate out of Africa.
"This involves negligence on the part of Bank Negara," lamented (BN-Pasir Salak) (left) during the policy stage debate of the Financial (No. 2) Bill in the Dewan Rakyat today.He also insisted that the investors are those duped and it is the company that must be made accountable for any wrongdoings.
Joining him in the tag team against the central bank was Idris Harun (BN-Tangga Batu).
"When a carcass is decomposed and filled with maggots, then we smell it. Only after a thousand flies has swarmed over it. A thousand flies cannot be wrong," said Idris, asking why it took so long for the regulator to realise there were problems with the gold investment schemes.
He also lamented that there must be a problem with the way Malaysians are educated about financial matters and management as many, including some of his close friends, fall prey to the dodgy gold investment schemes and the Internet con-jobs that mainly originate out of Africa.
Both MPs were responding to the Bank Negara raid on gold trading firm Genneva.
'Gold trading per se not under Bank Negara purview'
Meanwhile, while winding up for the Finance Ministry for the policy stage of the debate, Deputy Finance Minister Donald Lim (right) addressed queries on why Bank Negara took its time before taking action against Genneva for alleged infringements of Malaysian financial regulations.
"Gold trading per se is not under Bank Negara purview. However, when you add in elements of multilevel marketing, get-rich-quick scheme, pyramid scheme and illegal deposit-taking, it falls under the jurisdiction of Bank Negara and other law enforcement agencies like the police.
"Any action by enforcement agencies and Bank Negara must show proof of offences committed. This is to avoid rushed enforcement actions without cause, which can disrupt legitimate businesses.
"Some companies, in the beginning conduct business properly, but they change the way they do business to make quick profit and go against the law," clarified Donald.
'Gold trading per se not under Bank Negara purview'
Meanwhile, while winding up for the Finance Ministry for the policy stage of the debate, Deputy Finance Minister Donald Lim (right) addressed queries on why Bank Negara took its time before taking action against Genneva for alleged infringements of Malaysian financial regulations."Gold trading per se is not under Bank Negara purview. However, when you add in elements of multilevel marketing, get-rich-quick scheme, pyramid scheme and illegal deposit-taking, it falls under the jurisdiction of Bank Negara and other law enforcement agencies like the police.
"Any action by enforcement agencies and Bank Negara must show proof of offences committed. This is to avoid rushed enforcement actions without cause, which can disrupt legitimate businesses.
"Some companies, in the beginning conduct business properly, but they change the way they do business to make quick profit and go against the law," clarified Donald.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.