Malaysian authorities raid 3 more gold trading firms
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.