Genneva gold scheme firm wound up after 17 years
High Court finds company had lost its substratum, lacked a functioning board, and was used for unlawful purposes.
Genneva Sdn Bhd, a gold trading firm, ceased operations in 2009 following a Bank Negara Malaysia investigation into illegal deposit-taking. The High Court recently found that the company had lost its substratum and was used for unlawful purposes. Interim liquidator Wong Weng Foo was confirmed as the company's official liquidator.
Genneva's director Ng Wan Yee petitioned the court, citing Section 465(1)(h) and 465(1)(k) of the Companies Act 2016. Chief Justice Wan Fadhilah Nor Wan Idris confirmed the company's criminal conviction and stated that it had no functioning board of directors and no proper secretarial records. The court also found that there was no reason for Genneva to continue operating and being solvent.
The company was convicted in December 2017 for accepting deposits without required permits, and four of its directors were subsequently convicted for offenses related to illegal deposit-taking and money laundering. Wan Yee's petition came after a June 2024 sessions court order directing the release of properties seized from Genneva, including funds held in its bank accounts.
Wan Yee alleged that RM11.66 million was transferred from Genneva's bank accounts to her client's solicitors, Messrs Gooi & Azura, and RM10.26 million was later transferred as legal fees. Six creditors and investors supported the petition, expressing concerns about the dissipation of the company's assets, while two contributories and three creditors opposed the winding-up.
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- Syarikat skim pelaburan Genneva Gold digulung selepas 17 tahun freemalaysiatoday.com
