Malaysian authorities raid 3 more gold trading firms
Published on Oct 5, 2012 9:23 PM
KUALA LUMPUR - Malaysian authorities on Friday raided three more gold trading firms suspected of taking deposits illegally, money laundering and tax evasion.
The raids on the offices of Pageantry Gold, Caesar Gold and Worldwide Far East were conducted as Bank Negara announced formal investigations into gold trading firm Genneva's Malaysia operations, The Star reported.
Singapore's Commercial Affairs Department raided last Monday Genneva's offices at Orchard Towers following complaints that the company had stopped paying its customers and agents, and failed to fulfil its buyback guarantee. Genneva's offices in Malaysia were raided on the same day.
No other details were made available on whether Friday's raids were related to the Genneva case.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!