Bank Negara probes The Gold Label

Bank Negara probes The Gold Label

KUALA LUMPUR: Bank Negara has commenced investigations into The Gold Label Sdn Bhd on suspicion of conducting illegal deposit taking and money laundering activities. The company is being investigated under subsection 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and sub-section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) respectively, Bank Negara said in a statement here yesterday.

The central bank also said that a raid on The Gold Label was conducted yesterday at its premises in Northpoint Offices, Tower A Mid Valley City, in Kuala Lumpur, following complaints received from members of the public. Relevant assets and documents of the company were seized for the purpose of investigation. Members of the public are reminded to remain cautious and avoid placing money or deposits with companies not licensed by Bank Negara.

The list of licensed institutions authorised to accept deposits is available on Bank Negara website, http://www.bnm.gov.my./ Bank Negara said members of the public should be wary of investing in get-rich-quick schemes to avoid losing their savings and money to fraudulent parties. Further information on illegal financial schemes can be obtained from the Financial Fraud Alert site at http://fraudalert.bnm.gov.my/.

Source Bernama.

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Project to breed rare fish in Sabah

Project to breed rare fish In Sabah.

KOTA MARUDU: The Science, Technology and Innovation Ministry, through its biotechnology division, will undertake the breeding of rare native fishes using biotechnology techniques. Minister Datuk Seri Dr Maximus Ongkili said under the initiative, the division would produce fingerlings to restock rivers especially with high-value fish that have good market potential, such as pelian in Sabah, empurau in Sarawak and kelah in the peninsula.

"I am optimistic that the programme will contribute to eradicating rural poverty by increasing the income of rural folk from the sale of river fish," Dr Ongkili said when officiating the harvesting of fish at the Kanarom river in Kampung Pompodon here under the Tagal system. A community-driven initiative, the Tagal system is a traditional practice where the river is closed for fishing and only opened once a year to allow the fish to mature for the market.

The Tagal system is enforced under the Native Customary Law of Sabah and the Freshwater and Aquaculture Fisheries Enactment 2003. "The system is a good strategy for conservation and to ensure sustainability of declining and depleting river resources," Dr Ongkili said. He was happy to note that the system had been proven successful not only in Kota Marudu but also in other districts, and was an effective tool in promoting rural tourism.

Kota Marudu district fisheries officer Masrani Madun said the Tagal in Kampung Pompodon, initiated in 1998, was one of the oldest in the district of 23 villages that practised the system. The system's success was due to the cooperation of villagers and their discipline in adhering to the rules and conditions set. Dr Ongkili also said the Natural Resources and Environment Ministry had recently been instructed by the cabinet to keep an inventory of all Tagal in Sabah and Sarawak and provide a community fund to further promote the system in the two states.

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