Friday, September 27, 2013

Genneva ex-bosses slapped with 923 charges on illegal gold trading involving RM5.5 billion


Genneva ex-bosses slapped with 923 charges on illegal gold trading involving RM5.5 billion

SEPTEMBER 27, 2013
Six former senior officials of gold trading company Genneva (Malaysia) Sdn Bhd were slapped with 913 money-laundering and 10 illegal deposit-taking charges involving RM5.5 billion at the Jalan Duta Sessions Court today.
Four of them, former directors Datuk Philip Lim Jit Meng and Datuk Tan Liang Keat, general manager Lim Kah Heng and advisor Datuk Ng Poh Weng, who charged with both offences, were granted bail of RM1.1 million each.
Two others, advisors Marcus Yee Yuean Seng and Chin Wai Leong, who faced money-laundering charges, were allowed bail of RM100,000 each.
In a different court, Genneva the company, Tan and Philip Lim, were charged with putting up false advertisements that their business was syariah-compliant. The money-laundering offences were allegedly committed between January 10, 2011 and October 1, 2012.
The six claimed trial to all the charges before Sessions judge Mat Ghani Abdullah. The prosecution was led by Dzulkifli Ahmad who was assisted by Bank Negara Malaysia prosecuting officer Alvin Ong.
Previously, Ng, Yee and Chin faced over 200 charges of money laundering involving more than RM140 million but were acquitted after the court held that the three, who were former directors of another company called Genneva Sdn Bhd, were engaged in a genuine gold trading business. Genneva Sdn Bhd was raided by Bank Negara in July 2009 for allegedly running a dubious gold trading scheme.
In October last year, the Bank Negara also raided Genneva Malaysia Sdn Bhd and its affiliates.
Bank Negara froze Genneva Malaysia’s accounts, cheques and other assets worth RM99.8 million besides seizing 126kg in gold bullion on suspicion that the company had violated various banking and financial laws which included taking deposits without giving gold in return, money laundering, evading taxes, appointing agents without licence, failing to file statutory documents, and misrepresenting itself as an investment firm and giving false descriptions on its business after several people lodged complaints with the police.
Last December, nine investors sued Genneva Malaysia and four of its directors — named as Tengku Muhaini Sultan Ahmad Shah, Philip Lim Jit Meng, Ahmad Khairuddin Ilias and Tan Lian Keng — to get back over RM2 million in investments.
They claimed the firm had carried out fraud and misrepresented the scheme as compliant with syariah law. – September 27, 2013.

Monday, September 23, 2013

Maybank’s Zafrul quits, could be CIMB No 2, says Straits Times report


Maybank’s Zafrul quits, could be CIMB No 2, says Straits Times report

SEPTEMBER 24, 2013
A top Maybank officer has resigned in what is seen as not only a shake-up in Malaysia's biggest bank, but also a prelude to more resignations in the country's banking sector.
Tengku Zafrul Tengku Aziz, chief executive officer of Maybank Investment Bank and group chief executive of Maybank Kim Eng, reportedly submitted his resignation yesterday, according to Singapore daily The Straits Times.
The paper said Tengku Zafrul is now set to join Maybank's competitor, CIMB Group – headed by Datuk Seri Nazir Razak, the brother of Malaysian Prime Minister Najib Razak – in a move which will see him "take over from Mr Nazir in three years".
"Mr Zafrul's resignation will shock the financial sector. He was instrumental in landing big investment deals and beefing up Maybank's weak links in corporate advisory and corporate finance," the daily reported.
Speculation that Tengku Zafrul would be recruited by CIMB came as a senior executive of the bank's investment division, Charon Wardini Mokhzani, quit yesterday to join government investment arm Khazanah Nasional.
The Straits Times further said that Tengku Zafrul was unhappy with the delay in confirming him as Maybank's head of global banking.
Tengku Zafrul is the second key figure in Maybank to resign this month, after Khairussaleh Ramli who quit as head of Maybank's Indonesian unit PT Bank Internasional Tbk.
"Banking sources suggest a few more resignations, particularly from the investment banking and stockbroking operations in Malaysia, Thailand, the Philippines and Indonesia, may follow," the report added. - September 24, 2013.

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