Gold traders sue Genneva Malaysia, Bank Negara over return of RM146mil


KUALA LUMPUR: Some 1,065 gold traders are suing gold investment company Genneva Malaysia Sdn Bhd for breach of contract involving RM146mil in gold products and monies owed to them.

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.


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
   

Next In Nation

Khat calligraphy: Three fail in leave application for judicial review
Covid-19: Health Ministry to send 11 more ventilators to Sarawak
Cops looking for man after drugs detected in three-year-old stepson's urine
Increased chicken prices due to high feed cost, beyond govt control, says Kiandee
Time for Malaysia to develop its own vaccines, says Tok Mat
PM to reiterate Malaysia's stand to end Myanmar violence at Asean meet, says Hisham
Investors lose over RM500,000 in oil and gas investment scam
Cabinet to receive inter-ministerial note on cabotage issue
Covid-19: Two pupils at Klang Valley schools test positive
Veteran rocker Nash injured in accident on NSE

Stories You'll Enjoy


Vouchers