77 companies blacklisted by Bank Negara

PETALING JAYA - Bank Negara has blacklisted 77 companies involved in unauthorised and illegal transactions amid reports of RM100m (S$40m) being lost monthly to commercial crime.

It said the list was "not exhaustive" and only serves as a guide to help the public be on their guard.

The list posted on its website (www.bnm.gov.my) comprises companies operating without a licence (38), involved in gold investment (22) and in forex trading (17).

"The list will be updated regularly," Bank Negara said in a statement.

It cautioned the public to be wary of companies and individuals misusing acknowlegement letters from Bank Negara to solicit investments.

"Such a letter does not amount to a business licence or approval by Bank Negara,'' it said

Under the Banking and Financial Institution Act, a company that conducts leasing, factoring, development financing or building credit activities must obtain a written acknowledgment from Bank Negara. The letter is issued only for statistical purposes and will be withdrawn when the institution concerned ceases its scheduled business, Bank Negara said.

It warned that people dealing with unauthorised operators were not protected under the laws. "Members of the public who participate in the illegal financial activities could also be charged with abetting the operators,'' it said.

It advised people with information on illegal and suspicious financial entities and activities to call 1-300-88-5465 or e-mail bnmtelelink@bnm.gov.my.

It said they should alert Bank Negara if they suspected any illegal deposit taking, forex trading or financial services and improper market conduct with Bank Negara licencees, and misuse of the names and positions of its senior officers.

A Bank Negara source said that the public should also call the Securities Commission and Companies Commission of Malaysia to verify the status of any company that approached them for invesments.

Become a fan on Facebook