Raids on gold trader in Singapore, Malaysia
Genneva had not met financial obligations to clients for months
The Commercial Affairs Department raided the offices of gold trading firm Genneva on Monday, while a similar operation was conducted by the Malaysian authorities across the border.
Officers were seen taking cardboard boxes and computer hardware from the firm's eighth-floor premises in Orchard Towers when The Straits Times visited on Monday afternoon. One of the firm's agents - they sell the gold to customers - said some employees, including the operations manager and the marketing director, have been asked to help with investigations.
Customers who called at the office on Monday said they had not been given any explanations but were told to get in touch with their consultants. There was also no mention as to when the office would be reopened.
The raid in Malaysia was carried out by the police and financial regulators. The police action is the latest problem for Genneva, which has been unable to meet financial obligations to customers and agents for some months.