E Fatwa - Pelaburan Emas Genneva Tak Sah

Another interesting twist for the gold investment leader Genneva as the Fatwa Council recently announced that the Genneva do not fulfill the requirement set out by the council to be syarak compliance. The Fatwa advice the muslim community to avoid and distance from associate with gold investment conduct by Genneva.

http://www.e-fatwa.gov.my/galeri-gambar/newsletter-e-fatwa

It is indeed very challenging for Genneva after recently been in the alert list or some say blacklisted by Bank Negara and also issued a non compliance notice by the E Fatwa. Time will tell how Genneva can survive thru all the negative incidents and build back investor confidence.

http://www.muslimconsumer.org.my/v2/index.php?option=com_content&view=article&id=817:genneva-gold-disahkan-haram&catid=62:info-pengguna&Itemid=245

An interesting article from the muslim consumer society on comment about Genneva gold investment but more on BNM compliance on BAFIA and AMLA act which is entirely a different issue. 

77 Companies On Bank Negara Alert List

Recently Bank Negara Malaysia issued an alert list on its website which listed 77 companies which are not authorised or approved under the relevant laws and regulations administered by BNM. This listing create a big reaction from the public and some mainstream newspaper used a slightly different wording of blacklisted that technically may have a different meaning.

The term "Blacklisted" in my opinion maybe different to "Alert" as BNM intention to alert the public of the potential risk dealing with the listed companies and not saying that the companies listed is engaging in anything illegal. 

"Tidak Sah" feels like the same meaning as "Black Listed"

http://www.bnm.gov.my/documents/2012/Financial_Consumer_Alert_listEN.pdf

In conclusion, I believed BNM did a good job in giving warning to the public the potential list of dealing with the listed companies as recently there are many fraudulent cases happening. 

Recent case happened at Kota Kinabalu where invested were cheated by a "Gold Investment Scheme".

Bestino Golden House Sdn Bhd Assets Frozen By Bank Negara

Another hot topic today on gold investment read on the local chinese daily Nanyang on Bestino Golden House where its assets frozen by bank negara on counts of suspected money laundering offences. BNM cannot return the frozen money to investor since the case still under court hearing. The director of the company so far promise to return all money to investor after they liquidate certain assets from overseas. According to the director, they are waiting for BNM approval before the funds able to bring in from Hong Kong where BNM issue a contradict statement which refute that claim. Bestino operation model very similar to Genneva Malaysia and previously also raided by BNM on suspected money laundering which still under court hearing. 

Check on the net that Bestino also operate in Singapore under Bestino Golden House (Singapore) Pte Ltd.

Bestino Golden House Singapore Pte Lte Gold Trading Singapore Operation

You can read my previous post on Genneva:

Genneva Malaysia Sdn Bhd Gold Investment - Real or Scam