Political Metals

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Updated: 7 October 2012

As you’ve been cautioned regarding the 87 companies on BNM’s watch list in my earlier post, a joint raid was conducted on another three companies (Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd) in that list on Friday. Here’s the statement from BNM.
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Joint Raids on Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd

Joint raids were carried out today on Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd by the Royal Malaysian Police, Bank Negara Malaysia and the Ministry of Domestic Trade, Cooperatives and Consumerism for suspected offences among which could include illegal deposit taking, money laundering, tax evasion and avoidance, false description including misrepresentations and  appointment of agents without licence. > Full Statement.

Bank Negara Malaysia just issued a press statement regarding their recent raid on Genneva Malaysia Sdn Bhd, a company “dealing in buying and selling gold products”.

Bank Negara Malaysia
05 October 2012

The Royal Malaysian Police
Bank Negara Malaysia
Ministry of Domestic Trade, Cooperative and Consumerism
Companies Commission of Malaysia

Update on the Joint Raids on Genneva Malaysia Sdn Bhd

On 1 October 2012, joint raids were carried out on several premises of Genneva Malaysia Sdn Bhd as well as on the residences of the Directors of the company by the Royal Malaysian Police, Bank Negara Malaysia, Ministry of Domestic Trade, Cooperatives and Consumerism and the Companies Commission of Malaysia.

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Genneva Malaysia Sdn Bhd and its related companies are being investigated by the relevant enforcement agencies for suspected offences which include illegal deposit taking, money laundering, tax evasion and avoidance, false description including misrepresentations, appointment of agents without licence and failure to lodge statutory documents. > Full statement.