Tuesday, Nov 06, 2012
KUALA LUMPUR - Seized records revealed that many investors had yet to receive any delivery of gold, prior to the raids on four companies suspected of conducting illegal investment schemes using gold.
In some cases, they had been waiting for more than five months after making payment, according to a joint statement by the four enforcement agencies.
They are Bank Negara, the police, the Domestic Trade, Cooperative and Consumerism Ministry and the Companies Commission of Malaysia.
"The total amount of gold seized during the raids from all the companies is approximately 142.7kg, and monies in bank accounts and cash amounts to RM101.92mil(S$41m)," they said.
Investigations also revealed that these companies kept poor records with some of them maintaining different versions of financial records for different purposes.
"These companies have also failed to submit audited accounts with the Companies Commission of Malaysia for the last few years, as required by law.
"The enforcement agencies are aware of the plight facing affected investors and every effort is being made to determine the whereabouts of any money and assets of the companies.
"A dedicated team has been established to track the movement of monies and other assets. International accounting firms have also been appointed on a full-time basis to assist in the investigations.
"The scope of the investigation is international. In this connection, the enforcement agencies are actively collaborating with their foreign counterparts to obtain evidence in several other jurisdictions to assist in the investigations," the statement said.
On Oct 5, gold trading firms Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd were jointly raided for suspected offences that include illegal deposit-taking, money-laundering, tax evasion and avoidance and false description.
Three days earlier, Genneva Malaysia Sdn Bhd had been raided.
