Thank you for your recent article on pyramid scheme and whether investors can get their money back. In regards to this, what about the gold investment scheme some years back, namely Genneva Sdn Bhd, whereby a court on Sept 21, 2016 had declared the company's gold trading scheme to be legal and all confiscated gold and cash had to be returned to Genneva Sdn Bhd. Subsequently, Bank Negara and the AG office moved to appeal the decision and tried to put a stay on returning the gold and cash. In this case, can investors put a legal claim on their investments and force Genneva Sdn Bhd to quickly return their investments before Bank Negara's appeal for a stay can be decided?
The article from the Star newspaper on Sept 21 :
The Star Wednesday, 21 September 2016
Genneva company directors freed of all charges
KUALA LUMPUR: Three directors and a former director of gold investment company Genneva Sdn Bhd who were freed from 224 counts of money-laundering and five charges of accepting deposits of more than RM141mil without a licence, succeeded in maintaining their acquittal.
This was after High Court judicial commissioner Mohamad Shariff Abu Samah dismissed an appeal by the prosecution against their acquittal by the Sessions Court in May, 2013.
JC Mohamad Shariff found that the company had carried out the buy-and-sell activities physically and there was no evidence that the firm took deposits without a licence.
He said Genneva had given choices to buyers to sell the gold back to the firm, keep it or re-sell the gold to other parties other than the company.
He also instructed all properties sealed under the Anti Money-Laundering Act be returned to the respondents with immediate effect.
The respondents were Datuk Ng Poh Weng, 66, Datuk Marcus Yee Yuen Seng, 64, Datuk Chin Wai Leong, 40, and former director Liew Chee Wah, 62.
Read more at http://www.thestar.com.my/news/nation/2016/09/21/g...