Breaking News, World News and Taiwan News.

Shut-down Malaysia gold scheme raked in up to US$3 bil.: official

KUALA LUMPUR -- A gold-trading business shut down this month by Malaysian authorities for suspected illegalities may have raised as much as US$3 billion from its clients, a government official said Wednesday.

Authorities raided trading firm Genneva Malaysia on Oct. 1 on suspicion of taking deposits illegally, money-laundering and tax evasion, and later expanded the crackdown to three other firms.

The raids have sparked anger from thousands of clients of such firms, who have petitioned authorities to let operations continue and have threatened to hold anti-government demonstrations over the issue.

But authorities have defended the crackdown, and Deputy Finance Minister Awang Adek Husin told lawmakers on Wednesday that Genneva Malaysia alone had taken in some 10 billion ringgit (US$3 billion) from customers.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   Terms of Use  |   Sitemap
  chinapost search