[QODLink]
Asia-pacific
Unauthorised gold traders 'dupe Malaysians'
Tens of thousands of people have already sunk money into blacklisted companies promising large returns.
Last Modified: 28 Oct 2012 12:31

Gold trading is unregulated in Malaysia and the central bank says more than 20 so-called gold investment companies are involved in making unauthorised transactions.

Although they have been blacklisted, tens of thousands of people have already sunk their money into these companies.

The bank says it suspects any money they receive in return is not made from gold trading, but from other investors' payments.

However, the bank's decision to seize four of the companies' assets has angered investors.

They are planning a rally later this week demanding the return of their gold and their money.

Al Jazeera's Florence Looi reports from Kuala Lumpur.

 

99

Source:
Al Jazeera
Topics in this article
People
Country
City
Featured on Al Jazeera
More than one-quarter of Gaza's population has been displaced, causing a humanitarian crisis.
Ministers and MPs caught on camera sleeping through important speeches have sparked criticism that they are not working.
Muslim charities claim discrimination after major UK banks began closing their accounts.
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Featured
Assam officials upset that WWII-era Stillwell Road won't be used in transnational highway linking four Asian nations.
Informal health centres are treating thousands of Syrian refugees in Turkey, easing the pressure on local hospitals.
Indonesian and Malaysian authorities are keeping a close eye on local supporters of the hard-line Middle East group.
Wastewater ponds dot the landscape in US states that produce gas; environmentalists say they’re a growing threat.
China President Xi Jinping's Mongolia visit brings accords in the areas of culture, energy, mining and infrastructure.
join our mailing list