lol yeappp.. sorry. its /k language.

By the way they have argued that they should not be charged and raided because of their Asset Vs Liability has big gap and that they r unsustainable. BECAUSE... if that so, BNM should raide MAS and Proton too..

on defend on the 2 GLCs, i buy air tic, MAS gave me Air Tic and flew me. i buy car, proton gives me car. BNM will raid MAS & Proton if i buy air tic in advance but not holding the air tic and receive Hibah... something like that. lol

good news...btw debbierowe u should edit the year in in your translate coz nearly toughs this is 2009 news...

They have also accused banks of being unsustainable for the same bullshit reasons.

any experts here mind tell me, who will pay KPMG and PwC on the consultation and audit services? BNM aka Tax payers money, cos it is the investigation cost, or from Genneva's raided cash?

In a way they have their arguement.

BUT for the fractional banking system, the banks will not be able to operate profitably.

aiks.. didnt notice

anyway, its said in the title very hard for customers to get back money...

but in the 1st paragraph said customer can get back money thru the right court procedure...

any experts here mind tell me, who will pay KPMG and PwC on the consultation and audit services? BNM aka Tax payers money, cos it is the investigation cost, or from Genneva's raided cash?

Well, I'm no expert but my understanding is that all legal fees pertaining to the recovery and disbursement of the funds seized from such schemes are usually paid from the pool of recovered funds itself. If there's not even enough money to pay the lawyers, than its regarded as not worth the effort to recover and disburse anything at all.

they can, just that their operations will be smaller, interest rates higher, and that only the safest borrowers will be given money.

Julie Wong hey guys, you got relatives/friends working at KPMG or PWC? It is reveal by BNM today that they were the ones who did Genneva Audit Report. Go ask maybe they got some insider news? its the headlines in NanYang Siang Pau. too bad la if u cannot read chinese

I had a copy of the AMTLAFA Act and I cannot see the 90 days in there. I did find however that the seized assets must be returned within 12 months if there are no charges. I will attach a copy here later.

http://www.nanyang.com.my/node/501722?tid=643

News...
委2公司审核 报告月底出炉 Genneva难索回全额投资

2013-01-02 07:08

（八打灵再也1日讯）国家银行已委任两家跨国会计事务所，全面评估Genneva（金玉华）黄金投资公司的资产与负债，包括早前被国行查封现金及金条等，投资者将有望通过司法程序取回所投资的款额。

财政部副部长拿督林祥才说，该部指示国行加速Genneva案的各方面评估和审核，并设下期限，整份完整的报告最迟将在本月杪出炉。

“国行将根据报告的审核结果，对这家公司采取行动。”

查封126公斤金条7700万他向《南洋商报》说，国行在财政部指示下，去年12月已委任毕马威（KPMG）和普华永道（Pw Cooper），全面评估和审核这家公司的资产与负债。

他说，根据国行提供的资料，10月1日对Genneva的突击行动中，共查封了126公斤金条，并冻结了该公司的银行来往户头，户头中存有7700万令吉。

林祥才说，目前，国行无权把该公司的资产归还给投资者，一切需通过法庭程序。

资产负债数据落差太大但根据初步调查所得，Genneva的资产与负债有差距，即使投资者较后通过法庭程序索回投资，相信也不可能取回全额。

至于已付款但未取得黄金的投资者，可从中取回多少投资额，林祥才表示，这必须等待两家独立会计公司完成审核后，才能准确计算出Genneva的总资产和欠债。
之前，各方对外公布的Genneva资产和负债数据有不少落差，相信当局是为了全面掌握数据以分析和估算可回退给投资者的款额，才会另委两家顾问公司进行独立评估。

Many things reveal now.. Hope KPMG & PWC's staff don't get harassed

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Google translate with a bit of my editing for cacat translate

2 companies audit report released at the end of the month, Genneva hard to reclaim the full investment
(Petaling Jaya, 1, 2012) The National Bank has appointed two international accounting firms, comprehensive assessment Genneva gold investment company assets and liabilities, including the earlier State Bank seizure of cash and gold bars, investors the amount is expected to get back the investment through the judicial process.

Donald Lim, Deputy Minister of Finance said before, the Ministry instructed BNM to accelerate Genneva case assessment and audit, and set the deadline the entire full report at the latest will be released in the end of the month.

"BNM to take action on the company according to the report of the audit results."

Seizure of 126 kilograms of gold bullion 77,000,000 him to the Nanyang Siang Pau said the Ministry of Finance under the direction of Bank Negara, in December last year, has appointed KPMG (KPMG) and PricewaterhouseCoopers (PwC), a comprehensive assessment and audit company assets and liabilities.

He said that the October 1 on the Genneva raids, according to information provided by BNM, a total seizure of 126 kilograms of gold bars, and froze the company's bank and from the account, the account there are 77 million ringgit.

Donald Lim said before, the BNM has no right to return the assets of the company to investors, all required by the court proceedings.

Balance data drop too much, but according to the preliminary survey, the gap between the assets and liabilities of Genneva, even if investors later through court proceedings to reclaim the investment, I believe it impossible to get back the full amount.

As for the investor who has made payment but did not obtain gold, from which you can retrieve the number of investment, Donald Lim said before, it must wait two independent accounting firm to complete the audit in order to accurately calculate the Genneva total assets and debt.

Before, the parties announced Genneva assets and liabilities amount gap, I believe that the authorities in order to have complete control of the data in order to analyze and estimate the rollback to the amount of the investor, will appoint another two consultants to conduct an independent assessment.

====
Bye Bye 

why english news so serow poke?

Previously the GMS claim that BNM "makan" their money. Now they appoint 2 international firms (not one) to verify seized assets. Difficult to claim that both KPMG and Pricewaterhouse Coopers collaborate to makan their money right.

The last time Arthur Andersen did an illegal audit in the Enron case, it had to be taken apart internationally so these two companies will not risk this consequence over a small purchase order from BNM. Their business worldwide is so big that they will not risk their reputation for BNM.

Previously the GMS claim that BNM "makan" their money. Now they appoint 2 international firms (not one) to verify seized assets. Difficult to claim that both KPMG and Pricewaterhouse Coopers collaborate to makan their money right.

The last time Arthur Andersen did an illegal audit in the Enron case, it had to be taken apart internationally so these two companies will not risk this consequence over a small purchase order from BNM. Their business worldwide is so big that they will not risk their reputation for BNM.

Someone commented on GMS why is BNM wasting public's money on hiring these private auditors.

Strong logic is strong....

Someone commented on GMS why is BNM wasting public's money on hiring these private auditors.

Strong logic is strong....

I agree with Arubin. It's not public money. It will be funded from the seized assets if there is illegal activities. So its their money. Also, if BNM do not hire TWO (not ONE) international firm, they will say BNM makan their money. So now they cannot claim that these TWO international firms out of 4 in the world is willing to risk their worldwide business by collaborating with BNM to makan their money.

If they had more trust in BNM, maybe they dont need international firms.

this cannot agree on it, BNM cannot abuse it power. if they did not seek for international accounting firms more harms in the public eyes ..... imagine ourself was the one in Genevva investment victims ..... how will u feel? 

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Added on January 2, 2013, 5:44 pmwhat i meant is transparency is a must .....

Fair enough comment. Therefore, the GMS people should not be complaining that these firms are employed to do the audits. We should be glad that BNM wants transparency.