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 involved in a controversial investment scheme, ceased operations in 2009 after being investigated by Bank Negara Malaysia for alleged illegal deposit-taking. The High Court recently ruled that the company had lost its substratum and was used for unlawful purposes, confirming its liquidation. Justice Wan Fadhilah Nor Wan Idris appointed Wong Weng Foo as the company's liquidator, following a petition by Genneva director Ng Wan Yee.
Wan Yee claimed that around RM11.66 million and RM10.26 million were transferred from Genneva's bank accounts to a solicitor's account and legal fees, respectively, without proper investigation. Six creditors and investors supported the petition, while two contributories and three creditors opposed it. The court found that Genneva had not maintained proper records and lacked a functioning board of directors, concluding that there was no reason for the company to remain active and solvent.
The firm was convicted in December 2017 for accepting deposits without proper permits, with four of its directors facing convictions for related offenses.
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- Syarikat skim pelaburan Genneva Gold digulung selepas 17 tahun freemalaysiatoday.com
