PETALING JAYA: Bank Negara Malaysia (BNM) is investigating Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd on suspicion of conducting illegal deposit-taking activities.
The central bank said in a statement posted on its website yesterday that it raided the premises of Genneva and Etika Emas in Klang Valley yesterday following public complaints.
Officials from the two companies say that they are giving full cooperation to the central bank investigators.
Etika Emas president Mohd Amin Supian said he was surprised when Bank Negara officers’ visited his company.
He said that he was told that the visit was a routine check on the business operation.
He added that Etika Emas was a legitimate business dealing in physical gold.
A Genneva official, who did not want to be named, declined to comment except that his company was cooperating with Bank Negara.
Last week, Genneva senior general manager Tony Yao in a response to a StarProbe article said that his company’s business model is not a Ponzi scheme.
He explained that the company sold gold coins and bars to the public at a 5% discount to the prices set by the Federation of Goldsmiths and Jewellers Associations of Malaysia.
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