Wednesday 3 October 2012

Do we have Financial Nazis in BNM?


BNM has really kicked itself in the face by behaving like NAZIs and raiding Genneva on the pretext of "investigation".That's like saying the shameful ISA is cool!!
I just got three calls this morning from the general public- sympathizing with Genneva and its Clients, saying "Malaysia is a bad place to do business"!!
One man even rehashed the "Tan Koon Swan" story to articulate his sympathies- the people haven't forgotten!!

"Probing get rich schemes" is a flimsy excuse to persecute successful businesses- whatever happened to Audits?
"People allegedly lost their investments", my foot!!
Nobody "LOST"- they were only delayed due to restrictions imposed upon them.
If the banks cannot supply the gold due to sudden restrictions imposed by BNM- whose fault is it that?

If that is the case, all businesses can be "raided" at the whim and fancy of some Little Napoleon in BNM- and it sets the stage for corruption, blackmail and dirty deals.

BNM should instead be probing BMF, Nor Mohd Yakop, Syed Mokhtar, Scorpene, MinDef, Samy Vellu, Ling Liong Sik/PKFZ and the many BN big guns for their immense wealth ..... not legitimate businesses!!

Meanwhile, I suppose BNM wishes to swim in the millions of RM belonging to the RAKYAT, frozen by BNM in the account!!


Genneva investors still in shock

Reports by REGINA LEE, DAVID TAN, TERENCE TOH, KOW KWAN YEE, QISHIN TARIQ, and EDMUND NGO



PETALING JAYA: Investors of gold trading scheme Genneva Malaysia Sdn Bhd were still in shock a day after an investigative raid on the company.
Anxious and confused over the scope of investigations, hundreds of them converged at the company's headquarters in Jalan Kuchai Maju 6, here, and its office in Penang, demanding answers.
However, Bank Negara Malaysia spokesman Lee Poh Fong said a statement would only be issued after investigations had concluded.
“There is nothing wrong with gold trading but we want investors to be careful against those promising high returns,” she said, referring to a previous press release issued on Sept 5.
Looking for answers: Some 100 consultants and customers being ushered into a meeting room for a briefing session conducted by Genneva regional director Datuk Joseph Kow at the branch office in Gelugor, Penang.Looking for answers: Some 100 consultants and customers being ushered into a meeting room for a briefing session conducted by Genneva regional director Datuk Joseph Kow at the branch office in Gelugor, Penang.
According to the Domestic Trade, Cooperatives and Consumerism Affairs Ministry's enforcement division, one of the four government agencies involved in the raid of the firm, the action was in response to numerous complaints by investors.
Division head Mohd Roslan Mahayudin said besides Bank Negara, the lead agency heading the operations and investigations, the ministry had also been receiving complaints over the past four months from people who had allegedly lost their investments.
“The decision to raid Genneva was carried out by a task force led by BNM to probe get-rich-quick schemes,” he said.
Sources familiar with the investigations said the company was being investigated for offences under money-laundering and deposit-taking laws.