Tuesday November 27, 2012

Dr M: M’sia needs proper rule for gold trading, investment

By SHARIDAN M. ALI
sharidan@thestar.com.my

Dr M: M’sia needs proper rule for gold trading, investment

Warm welcome: Organising chairman Shirazdeen Adam Shah (left) welcoming Dr Mahathir to the conference. Conference chairman Prof Ahamed Kameel Mydin Meera is next to Dr Mahathir.

Commenting on the recent controversial gold investment schemes involving several companies, he said there was no proper regulations for such trading and investment.

“I recommend gold as a kind of reserve or saving, better than money, as it is more likely to appreciate.

“I do not know what's the issue with this Genneva company, but I think it should be investigated to find out what did it do wrong.

“On the other hand, people (the investors) also deserve fair treatment because if you totally stop the transactions, their money will get stuck,” he told reporters after delivering a keynote address at the 3rd World Riba Conference.

Last month, Genneva Malaysia Sdn Bhd, a gold trading company, alongside a few other companies of similar business nature were raided by Bank Negara, the police, Domestic Trade, Cooperatives and Consumerism Ministry and the Companies Commission of Malaysia.

http://biz.thestar.com.my/news/story.asp?file=/2012/11/27/business/12372209&sec=business

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