Genneva gold investment firm slapped with 926 charges

KUALA LUMPUR: Six senior officers from controversial gold investment company Genneva Malaysia Sdn Bhd were slapped with more than 900 counts of money laundering, illegal deposit-taking and false advertising involving an alleged sum of RM5.5 billion.

Company director Datuk Phillip Lim Jit Meng, 57, was charged with 246 counts of money laundering allegedly committed at CIMB Bank Bhd and CIMB Islamic Bank Bhd in Jalan Kuchai Lama between January 2011 and last December.

Jit Meng, who represented two companies — Genneva Malaysia and Success Altitude Sdn Bhd—was charged with 222 counts in his capacity for the first company and eight counts for the second company.

Another director, Datuk Tan Liang Keat, 41, was charged with 226 counts. Company advisers Datuk Ng Poh Weng, 63, was charged with 155 counts, Datuk Chin Wai Leong, 37, with 23 counts and Datuk Marcus Yee Yuen Seng, 61, with 17 counts. General manager LimKah Heng, 42, was charged with 16 counts of money laundering.

They allegedly committed the offences at the same time and same place. At the same court, Genneva Malaysia, Jit Meng, Tan and Kah Heng were also charged with receiving deposits from the public without a  licence via a scheme involving gold transactions at CIMB Islamic Bank Bhd, Jalan Kuchai Lama, between Jan 10, 2011, and Oct 1 last year.

Ng was also charged with abetting them.

Deputy public prosecutor Dzulkifli Ahmad proposed that bail be denied as it was a non-bailable offence.

"However, if the court allows bail, the prosecution would like to suggest that each accused be allowed bail of RM5 million. This case involves approximately RM5.5 billion in investments from 35,000 depositors."

Dzulkifli said the bail amount should reflect the severity of the offences.

In pleading for a lower bail, defence counsel A.S. Dhaliwal said the fixed deposits of all the accused had been frozen by Bank Negara since last year.

He proposed bail be set at RM50,000 for each accused.

Judge Mat Ghani Abdullah allowed bail at RM1 million for each of the accused. He also ordered them to surrender their passports.

The judge fixed an additional RM100,000 in two sureties for offences under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.

Ghani allowed the prosecution's application for a joint trial and fixed April 7 until 24 next year to hear the case.

Dzulkifli informed the court that the prosecution would call about 50 witnesses to the stand.

Datuk Philip Lim Jit Meng.

Its directors Datuk Philip Lim Jit Meng and Datuk Tan Liang Keat faced 246 and 226 counts of money laundering respectively; business advisers Datuk Ng Poh Weng (155), Datuk Marcus Yee Yuean Seng (17), Datuk Chin Wai Leong (23), and general manager Lim Kah Heng (16).

All six claimed trial to the charges.

The company itself, Genneva Malaysia Sdn Bhd, faced 222 counts of money laundering and Success Attitude Sdn Bhd, eight counts.

Four of them, Philip Lim, Tan, Hah Heng and Ng, were also charged under the Banking and Financial institutions Act 1989 with two counts each of accepting deposits without a valid licence via a scheme involving gold transactions.

Earlier, Philip Lim and Tan pleaded not guilty at another Sessions Court to making a false statement in an advertisement on the company's website, saying its gold trading was in accordance with Islamic law.
Genneva Malaysia Sdn Bhd also faced a similar charge.

The case has been set for mention on Oct 28 and the two were granted bail of RM20,000 each.

Contributed by PUNITHA KUMA NST;  M.MAGESWARI and Maizatul Nazlina The Star/Asia News Netowork

e-Tanah probe begins

The Penang Public Accounts Committee (PAC) has begun an inquiry into the RM66 million e-Tanah facility, a computerised land administration and management system, as only four of the nine programme modules are up and running.

State PAC chairman Wong Hon Wai said the federal funded pilot project started in 2005 but only the revenue, strata title, registration and consent modules were working.

He said problems encountered with the land development, land disposal, land acquisition, and enforcement and auction modules were highlighted in the 2011 Auditor-General's Report.

"We are duty bound to investigate anything pointed out in the audit report. The Ministry of Environment and Natural Resources project did not pass the integrity, economy, effectiveness and efficiency (IEEE) tests which were the terms outlined by the state PAC in conducting their tasks," Wong said after chairing this term's first PAC meeting on Wed

In the meeting, State Land and Mines Office director Datuk Arifin Awang, South and North Seberang Perai district officers Rohani Hassan and Shadah Nawawi were called to give their statements.

According to the e-Tanah portal, the system was to handle the administration and management of land offices, with Penang chosen as the state for the pilot project.

Last updated in 2009, the FAQ portion of the portal stated that there were 72,160 transactions and some RM385 million in revenue collected.

Wong said the PAC will be tabling a report and the recommended solutions on the matter in a future session of the state legislative assembly.

"Some of the issues we are looking for are possible leakages in the procurement process as well as loopholes," he said.

- TheSundaily

Portal e-Tanah :: Kementerian Sumber Asli Dan Alam Sekitar

Innovation Value and key Drivers to Success

The ability to increase business value through innovation is a critical success driver for most organizations. The markets that we operate in provide both opportunity and risk from an innovation perspective as they are rapidly changing.

Markets provide opportunities if we get it right and threats if we do not, particularly given the intense competitive nature of most industries. Our quest to realize innovation results is further complicated by the complexities involved for most firms – the sheer number of players to potentially coordinate with in the value chain; rising costs; margin erosion; increasing regulatory, customer and consumer demands; evolving business models; shorter cycle times; and new sources of competition, just to name a few.

The good news is that if you can get it right, you stand to gain a competitive advantage and will reap the benefits of increased revenue and profits. Hence, the lure of identifying new growth opportunities, increasing volumes and market share, securing a competitive advantage, improving margins and strengthening brand loyalty, provides a powerful incentive to be successful at product innovation. However, the challenges that organizations face do not make this easy. Developing new products and technologies is consequently one of the more complicated initiatives an organization can undertake.

Take for example the telecom market wars occurring over the past year. Samsung and Apple have emerged as two clear winners that have been able to leverage powerful innovation machines. The competition (Nokia and Research in Motion) have stumbled badly in their respective innovation capabilities and ultimately paid the price in the marketplace.

Figure 1: The Innovation Performance Framework

The Innovation Performance Framework™ (Figure 1) is a useful framework that examines the complexity and addresses some of the challenges in product innovation by separating them into four key themes: product innovation strategy; portfolio management; new product development process; and climate and culture (see Figure 1 for illustration). Interestingly, past studies suggest that organizations that excel or master these four key themes do, in fact, achieve better results from their product innovation efforts.

Let’s examine some of the challenges innovators have in each part of The Innovation Performance Framework:

Product Innovation Strategy: It all starts at the top. If there is not a clear and crisp product innovation strategy that supports the business strategy, problems begin. Some key challenges are: Do we have one? Is it clear? Is it the right strategy? Is everyone aligned? Are people walking the talk? Are there realistic expectations on new product revenues?

Lack of a product innovation strategy tailored to support the strategy of the business is often cited as a most common problem.

Portfolio Management: This is the strategic allocation of resources that ensures innovation efforts advance the product innovation strategy. This is also the prioritization of projects in the pipeline to ensure that resources are being tactically deployed on the right projects for the right reasons. Some key challenges are: too many projects and not enough resources to get everything done, difficulty in deciding which projects to select (when evaluating multiple projects that are competing for the same resources), difficulty in optimizing the portfolio of projects (i.e. short-term versus long-term, high-risk versus low-risk), poor alignment on priorities, and resources that are simply stretched too thinly.

Idea-to-Launch Process: This is the roadmap or playbook that takes each project from idea to launch including all of the activities and decisions that must occur in order to be successful. Some key challenges are: not enough high quality ideas; not having a standard playbook that can be used repeatedly for projects; leadership that cannot articulate the importance of their idea-to-launch process; employees who have not received training or have not developed a knowledge foundational base on and around innovation best practices; not tailoring the development process to support the business strategy and project needs; being unable to say no to projects and/or the need to be realistic with actual time and resource expectations that otherwise lead to unrealistic speed-to-market pressures; expectations for resource commitments to work on projects that are not in the official process; too many minor projects that negatively impact the resources available for innovation projects; and the inability to yield effective decisions in a timely manner (i.e. everything is a high priority thus creating ‘gridlock’ which in turn results in significant delays). It is no wonder given the above why achieving and then sustaining success is so difficult for many companies.

Climate and Culture: This is ‘the way the organization works’: the typical behavior, norms, values and leadership style that enables or hinders product innovation performance. Some key challenges are: difficulty in striking a healthy balance between ‘discipline and focus’ and ‘flexibility and judgment’, driving projects to successful completion while managing cross-functional teams (i.e. shortage of trained project leaders, staff turnover, gaps in necessary skills, lack of training and/or experience), management of failure, and poor support from other parts of the organization. In other words, creating and supporting a climate and culture that supports innovation company-wide.

How is your organization performing at product innovation and how does it compare to other companies? Without clear metrics and a way to compare them it can be difficult to know whether you are doing good or bad at product innovation; whether your investment in R&D is producing the desired results, and what areas of your performance in and around the Innovation Performance Framework might need to be improved or strengthened. The good news is you can change, the question is do you want to?

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