UMNO COME TO THE RESCUE OF GENNEVA GOLD BUYERS IN MALAYSIA

KUALA LUMPUR, Malaysia - About 1,500 investors of gold trading firm Genneva Malaysia Sdn Bhd today registered complaints at the Umno Youth Complaints Bureau office over the raid by Bank Negara on the company on Oct 1.  
Umno Youth today took it upon itself to champion the thousands of gold buyers stuck in a quandary following recent raids and probe by Bank Negara Malaysia (BNM) on gold trading company Genneva Malaysia Sdn Bhd. 

Its public complaints bureau, swarmed by hundreds of Genneva customers and agents this afternoon at Solaris Dutamas, said that it would urge the authorities to “immediately” un-freeze and liquidate assets that belonged to these customers.

• Muhammad Khairun Aseh, the head of the bureau and Umno Youth executive council member, said that he would be writing an official letter to BNM seeking a guarantee that the millions worth of assets of all the buyers will be returned.

He said that Umno has got itself involved because it received close to 10,000 complaints from buyers seeking its help.
“Many have expressed to us their stressful situations and we hear you. We recognise that these gold bar buyers are bona fide investors and were never an accomplice, or broke any laws,” Khairun, a lawyer, told a room packed with journalists and Genneva supporters.

 

• “They never thought of breaking any banking or money laundering law.”
• “Umno wishes to express our deepest regret that the authorities have failed to be more proactive and effective in resolving this issue,” he said.
• Khairun asked why when the directors of Genneva Sdn Bhd (the predecessor to the current Genneva) was charged, the operations were not immediately stopped.
• “I’m sure if the authorities had exercised their full powers then, these problems would not have reached this stage,” he said, referring to the 800 charges of illegal deposit-taking of the former directors of Genneva in 2010.

 

“Don’t allow your inability to provide clear regulatory measures victimised us!” he said, to cheers from the gold buyers.

Khairun( above photo )also said he will seek a meeting with BNM to discuss the matter so that the issue can be settled as soon as possible.

He also urged BNM to disseminate its “investor alert list” so that more people can be more wary about their investment.

Source: FMT...More...