KOTA KINABALU: Some 300 customers of Genneva Malaysia Sdn Bhd in Kota Kinabalu area have sought legal advice and consultation with lawyer Christina Liew.
In a joint press conference here yesterday, the customers disclosed that numerous petitions had been sent to the relevant ministers, including the former as well as current Prime Minister, Governor of Bank Negara Malaysia (BNM), Minister of Home Affairs, and various political parties and politicians to seek assistance to appeal to BNM to expedite the investigations.
“We the affected customers in Sabah want to believe in the central bank of Malaysia’s claim to protect and stand by the people. But after five months of waiting, there has yet to be any update given to us on the outcome of the investigation,” said one of the customers who refused to be identified.
“We are not here to represent or talk on behalf of the company, but as customers and even victims of the situation. We ask that the investigation be done quickly so that we will know the fate of the company, hence the fate of the money that we had put into.”
The customers felt that a lot of the public perception about the case had been misconstrued and needed to be addressed.
Liew, who is also the Public Complaints Bureau chief of Parti Keadilan Rakyat (PKR), agreed to assist the group of customers upon further understanding of their case.
Like the rest of the general public, Liew said she too initially thought that the gold investment institution was another ‘get-rich-quick’ scheme and was reluctant.
“However, after they came to me and showed me their documents pertaining to the matter, I think they might have a case. But any further action needs to be discussed,” she said.
BNM froze the company’s gold bullions and accounts in October on suspicion of violating several financial and banking laws including illegal deposit taking, money laundering and tax evasion.
BNM previously said its investigation showed Genneva’s debt was over 10 times the amount of its assets despite having sold the precious metal at up to 25 per cent higher than the market rate, signalling that the venture was unsustainable in the long run.
The central bank also said early checks showed that the company had relied heavily on cash from new customers to keep it afloat, which appeared to confirm suspicions that the firm had violated various banking and financial laws, including taking deposits without giving gold in return, misrepresenting itself as an investment firm, and giving false descriptions on its business after several people lodged complaints with the police.