Syarikat skim pelaburan Genneva Gold digulung selepas 17 tahun

Genneva Sdn Bhd, a gold investment fund company, ceased operations in 2009 after Bank Negara Malaysia conducted an investigation into its illicit deposit-taking activities. The Malaysian Federal Court recently ruled that the company had lost its operational base and was used for unlawful purposes. Judge Wan Fadhilah Nor Wan Idris also approved Wong Weng Foo, who has been acting chairman since August 2024, as the company's chairman.

The ruling came after hearing a petition filed by Ng Wan Yee, Genneva's managing director, under Section 465(1)(h) and 465(1)(k) of the Companies Act 2016. The court found Genneva guilty of criminal negligence and confirmed that the company was used for illegal purposes. The court also found that the company did not maintain proper corporate records, its documents were disorganized, and there was no functioning board of directors.

The court found no sufficient reason for the company to remain active and able to pay its debts. Genneva operated as a gold trading company and managed an investment scheme involving the buying and selling of gold. The company ceased operations in 2009 following a Bank Negara Malaysia investigation into allegations of illicit deposit-taking.

In December 2017, the company was found guilty of accepting deposits without the required permit. Four of its directors were also charged and sentenced for deposit-taking offenses and money laundering. Ng Wan Yee, the company's petitioning director, claimed that around RM11.66 million was transferred from Genneva's bank account to her lawyer's account, Tetuan Gooi & Azura.

Another RM10.26 million was transferred as loan repayment. Ng stated that the business needed an investigation and that there was still a risk of the company's assets being dissolved. Six creditors and investors supported the petition, stating they paid money into Genneva's gold investment fund but did not receive payments under the delayed payment or restitution scheme.

Two shareholders and three creditors opposed the petition's dismissal, arguing against the winding-up and appointment of Wong. The petition was contested by two shareholders and three creditors, who challenged the winding-up and appointment of Wong. Alvin Tang, Lucy Lee, Kang Zhen Leong, and Samantha Sum represented the petitioners, while K Kirubakaran, Chua Jeung Ru, K Selva Kumaran, and Tan Yew Kit represented the opposing shareholders.

Cheah Kit Yee and Tan Meng Tze represented the creditors opposing the petition, while Afdhilani Jusoh represented the creditors supporting it. Wilson Lim and Huam Wan Ying represented Tetuan Gooi & Azura, while S Ravenesan and S Naveennesan represented the former acting chairman.