Sunday October 7, 2012
Singaporean link in gold deals
By SIRA HABIBU
sira@thestar.com.my
PETALING JAYA: Several Singaporeans appear to be actively involved in unregulated gold trading schemes in Malaysia, according to sources.
A number of the companies that offer investment schemes, especially in gold, appear to have links with Singaporeans, they claimed.
“As the Singaporean authorities are also raiding companies involved in suspected money laundering activities, we suspect that there is outflow of funds from unsuspecting Malaysian investors to assist them,” said the sources.
There are also cases of Singaporeans sitting as board members in the Malaysian-based companies dealing in unregulated gold investment businesses, said the sources.
In a joint operation led by Bank Negara this week, the authorities have so far raided Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Worldwide Far East Bhd, and Caesar Gold Sdn Bhd for investigations into, among others, illegal deposit taking, money laundering, and tax evasion.
Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in the republic.
In a letter dated Sept 28 posted on its website, which has been partly closed down, newly-appointed general manager of Genneva Pte Ltd, Lim Kieng Justin, told customers and consultants that the directors had discovered financial improprieties that led to a delay in payment of discounts and commissions, and fulfilment of buy-back guarantees.
The directors, said Lim, were negotiating with external parties who were prepared to assist the company overcome the financial crisis.
The Pageantry Gold website is also down after Bank Negara's raid on Friday although the one for Worldwide Far East continues to be functional. No website could be found for Caesar Gold.
Of the 87 companies on Bank Negara's consumer alert list, 18 are involved in gold investment activities.
Sources said companies suspected to be flouting the Anti-Money Laundering Act 2001 risk having their assets and cash frozen pending investigations.
Both Malaysia and Singapore have initiated a clampdown on money laundering as part of their international commitment and obligation.
- Adam Adli charged with uttering seditious words (Update)
- All four accused guilty in murder of Sosilawati Lawiya and three others (Update)
- New crime prevention department to be set up
- Syariah Court can annul child’s marriage, says SIS
- A-G: Prosecution to proceed with statutory rape charges against Riduan
- Women’s groups laud A-G’s promise to press statutory rape charges against Riduan
- Probe into why teen withdrew rape report
- What comes after WYY?
- Prime Minister to address global women conference
- Sabah security is new Defence Minister’s priority
- Gerakan may accept government positions
- EC gazettes official GE13 results
- Only AGM can tell Chua to quit, says Ling
- Mind-blowing feats by mental giant
- PKR mulls postponing party polls
- Alliance Neutral on Axiata, ups target price to RM7
- Deleum top loser, down 11.3% after disappointing results
- Maybank KE Research maintains Hold on AirAsia
- Public Invest Research ups Uzma target price to RM2.86
- Malaysia's blue chips fall more than 6pts in early trade
- Profit taking may weigh on Malaysian equities
- HP raises 2013 outlook as Whitman's plan takes hold
- Bernanke says more progress needed before stimulus pullback
- Wall Street falters in volatile session on Fed worries
- Aeon director: GST won’t affect group
- Petronas Chemicals Group to invest RM3bil in capital expenditure
- Weak CPO prices hit Boustead profit
- April CPI up 1.7% on higher food prices
- Report: AirAsia X sets indicative price for IPO
- MAEI sees 3%-4% rise in electrical, electronics exports
- Ice queen Nicol into British Open quarters
- Australia to consider following ban on anchor putters
- Intxausti wins 16th stage, Nibali still keeps pink jersey
- Indonesia drawn to meet China again – in knockout stage
- Results worldwide
- Malacca sprinter Mohd Azam Masri out to create history by winning five events in MSSM meet
- Athletics runs in the veins of Vallabouy family
- Chinese long jumper Jinzhe claims another Olympic scalp
- Dane Jorgensen’s wish is to avoid Chinese ace Lin Dan in World Championships
- National badminton team’s lack of depth a glaring factor in home tourney
- Khim Wah-V Shem perform above expectations in Sudirman Cup debut
- Jindapon aims to qualify for 2016 Olympics
- Kenichi’s goal is to take Japan into Sudirman Cup semi-finals
- Dong-keun shows he’s a capable replacement
- Harrison makes swift U-turn
- What comes after WYY?
- Actress’ barking pet saves her from attacker in late night incident
- Probe into why teen withdrew rape report
- A-G: Prosecution to proceed with statutory rape charges against Riduan
- 'British solider' butchered in suspected Islamist attack
- Syariah Court can annul child’s marriage, says SIS
- Family demands full inquiry into death of shooting suspect under remand
- Astro and Maxis to deliver new-age TV service in Klang Valley
- PSM to review ties with Pakatan after GE13 losses
- TVB’s Moses to wed Miss Hong Kong 2006 Aimee
- Actress’ barking pet saves her from attacker in late night incident
- In China, food scares put Mao's self-sufficiency goal at risk
- What comes after WYY?
- Chromebook to help rural pupils leapfrog into parity with urban peers
- Free entry to MATTA Fair in Penang
- All four accused guilty in murder of Sosilawati Lawiya and three others (Update)
- Asean flavour in Invest M’sia confab
- Petronas Chemicals Group to invest RM3bil in capital expenditure
- Report: AirAsia X sets indicative price for IPO
- We have to be humane to all who are put under arrest
RSS
