Gold Traders : It Could Be A Misunderstanding

Salam brothers and sisters,  following the ‘unscrupulous’ rumours dictated by Utusan Meloya’s journalists, Gold Bullion Entrepreneurs Association of Malaysia speaks up to the STAR on the facts and other rationales on gold tradings and investment portfolios.  Everything else is self explanatory ………read on to know more ….

The STAR, Friday August 10, 2012

GEORGE TOWN: Some gold trading companies could have entered Bank Negara’s consumer alert list due to a misunderstanding, said the Gold Bullion Entrepreneurs Association of Malaysia (GBEAM).

GBEAM secretary-general Datuk Joseph Kow said the misunderstanding might have occurred when some customers misunderstood the gold products they had bought from these companies.

“When they make certain queries with Bank Negara regarding their gold purchases, they could have used terms like interest and investment to describe the transactions.

“The terms investment and interest could have triggered Bank Negara’s alert system, prompting it to place these companies under its consumer alert list,” he said.   Kow was commenting on news reports about some gold trading companies that had appeared on the consumer alert list.

He explained that a gold trading company will need a banking licence from the authorities if they are selling gold as a form of investment that generates interest.   However, he said gold trading in the country had been deregulated since 1987.

“There is no need to obtain a licence or approval from Bank Negara to operate a gold trading business in the country.

“A gold trading company only needs to register with the Companies Commission of Malaysia to do business,” Kow said.

It was reported that Bank Negara has blacklisted 77 companies involved in unauthorised and illegal transactions amid reports of RM100mil being lost monthly to commercial crimes.

related link – http://thestar.com.my/news/story.asp?file=%2F2012%2F8%2F10%2Fnation%2F11832982&sec=nation

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……. but sincerely ….. how much or rather how thorough were investigations conducted by the Utuan Meloya’s journalists before publishing the untruth?  Or did they acted merely based on ‘unscrupulous complaints’ to fulfill the quests of ‘selected individuals’ interests’?? ……….. VGMC have been offering its CONVERTIBLE PREFERRED SHARES since 2010 and our senior premiere shareholders have improved their domestic economic status tremendously ever since, that they are now able to contribute zakat personally within as well as out of the country without having to go thru any associations/NGOs.  Isnt this supposed to be the ultimate objective of any government for that matter?  That nations need not depend on the governing party’s subsidies and sponsorships to help develop nations and communities?  Wallahualambissawab …..

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