Home > News > Nation
Friday July 4, 2014 MYT 9:29:00 AM
Friday July 4, 2014 MYT 2:57:08 PM
by m. mageswari
They named Bank Negara Malaysia as the co-defendant in the civil suit for ancillary orders to release the gold and monies which were now held as property on trust by the central bank following a raid and seizure at the company in 2012.
Lawyer Yudistra Darma Dorai said his firm has been engaged by Gold Bullion Entrepreneurs Association of Malaysia and others to assist in recovering their losses.
In the statement of claim made available to the media on Friday, the plaintiffs said they entered into three types of agreements with Genneva in 2012 for gold trading.
They said that Genneva Malaysia did not provide the gold products purchased by them and also did not pay the sale price to them causing them to suffer over RM146mil in total losses.
They said Bank Negara, in late 2012, conducted a raid against Genneva Malaysia and seized gold, monies and other properties, pursuant to a criminal investigation.
They said their solicitor have written to the Bank Negara on Feb 24 seeking information over the property but was told that it could only be dealt with a court order.
In the suit filed on June 30, they are seeking, among others, for the physical gold to be returned to them and be paid damages, costs and interests over their losses.
Yudistra said he has served the copy of the lawsuit to the defendants.
In December 2012, nine investors of the gold trading scheme filed a legal action against Genneva Malaysia and its four directors for misrepresentation and fraud.
They sought for a return of over RM2mil which they invested in the scheme.
Tags / Keywords:
Courts Crime, Genneva Malaysia, Bank Negara, suit, gold
Broad money growth moderates
Former security guard to hang for murdering vet
Bank Negara: Zeti has not quit, did not suffer heart attack
Three former college students' death sentence for double murder upheld
Two plead not guilty to cheating over promise of datukships
Malaysia and China in sister port pact
Zahid: Sarawak Report has evil intent
Rosmah wants apology from Asia Sentinel journalist over article
Mammogram clinics mooted for breast cancer awareness
Marching for The Edge
Volunteers use their skills to do good
Bon Odori festival thrills crowd with folk dances and fireworks
Sultans of shrink pack more chips into smart wearables
Chelsea must be more unpredictable, says Mourinho
Copyright © 1995-2015 Star Media Group Berhad (ROC 10894D)(Formerly known as Star Publications (Malaysia) Berhad)