QUOTE
Nathan Kadair says:
March 29, 2011 at 11:59 am I personally known Mr.Fernandez, i have asked him before to what extend of the legality is Genneva Malaysia? he answered theres no proper signed documents from the board. Its more of a verbal OK from the people in power from BNM. It is only rightous to legalize a company under the BNM wing if the were endorsed by the members of the board or in other word the bankers themselves. Anyone can buy a scheduled institution company, what to define as a scheduled institution company?
To define it in a nut shell, it is a franchise offering by BNM to those who wish to do financial related business. They are not licenced nor approved by the main board in BNM. It is a so called franchise product/plan sold by BNM for revanue. thats why there no deposit taking allowed unless the fanchise holder specially apply to do so. As for the case of Genneva, they have bought over an abondoned fanchise and turn it into GMSB and then claims they are legal.Thats why they still hide themselves under the radar and not to be seen selling in public. No approval in endorsement by the relevant people yet. A verbal ok by the some cronies in there wont mean anything.
http://www.lioninvestor.com/the-gold-label/wow!.....they bought over an abandoned franchaise company and call it ok?
Added on April 27, 2011, 8:46 amQUOTE(PatEagle @ Apr 27 2011, 03:36 AM)
Ahyah prophetjul, "consultants" sounds better lah.
http://www.genneva-world.com/web/ is Genneva Malaysia Sdn Bhd's official website.
My friends and I created the blog
http://mygoldgoose.wordpress.com :
1. to share more about the Genneva's wealth-sharing platform in greater detail,
2. address concerns and misperceptions about the company, and
3. to post articles and humor on gold that might interest our clients and visitors to our site.
We call our blog Genneva Malaysia - My Gold Goose... simply because the company Genneva Malaysia is literally our "golden goose".
Here, read our first posting
The Golden Goose at
http://mygoldgoose.wordpress.com/2011/03/0...e-golden-goose/ How do we claim to be "consultants"?
First, you have to be an investor yourself with a minimum purchase of 100G of Genneva Gold.
Then you apply to the company that you want be a consultant to sell Genneva Gold as a business lah.
You can be a
Gold Entrepreneur. When you introduce your friends and family members to save with Gold, you can earn a 5-digit income within months.This is neither a MLM nor a Get-Rich-Quick Scheme. No free lunch. Reap what you sow. Simple.
Want to know more, buy me coffee! To learn more about Syariah Compliance, please click on the relevant links at
http://mygoldgoose.wordpress.com/about-genneva-malaysia/BTW, as Consultants, it is compulsory to attend a full day seminar (approved by Bank Negara) on An Approach to Syariah Gold Trading Compliance, Banking and Financial Institution Act, 1989 and Anti-Money Laundering and Anti-Terrorism Financing Act, 2001.
Cheers!
YOU have not answered my question
Hows it a scheme paying monthly interests be Syariah compliant?
Just cos YOU say so?
Since you claimed to have been trained by BNM, pls explain whats Syariah.
Next, to all who wish to invest or sell this product, she claims that one can earn 5 figure income in few months.
How can a company pay out sustained 18% pa interest, pay lucrative income to their salesmen, and make a resaonable profit by selling a NON consumable product? 
As yerself properly......as Madoff.......
The mods deleted my last msg. Dont know why....just trying to discuss this thing and bring light to pertinent questions
before someone gets burnt....
Added on April 27, 2011, 9:11 amThis is one similar failed gold scheme in Singapore- The Gold Label
QUOTE
The Gold Label Pte. Ltd Singapore. have applied for Insolvent Voluntary Liquidation on the 8th of February 2011 and only official announcement was made yesterday, 15 Feb 11 in Business Times.
During the meeting of creditors held on the 8th of February 2011, the following company was appointed the liquidators:
SK Lai and Co.
8 Robinson Road
#13-00 ASO Building
Singapore 048544
Mr Lai Seng Kwoon
Tel: 62365710
Fax: 62267030
Email: laisk@sklai.com.sg
If you have any queries, kindly direct them to Mr Lai Seng Kwoon.
A story on how TGL Singapore get into Voluntary Liquidation.
1. Sometime in July 2010, Wealth Foundation, one of the marketing arm of TGL, found out that TGL is not making profits. Wealth Foundation Singapore sold more than 70% of TGL’s Gold sales from Dec 2009 till July 2010. Wealth Foundation management decided to stop marketing TGL Gold effective from 15 August 2010. This event led to a sudden fall in new sales and created high sell-back. This is like a tsunami run by Gold clients on TGL. TGL was left with more Gold bars and their cash flow was seriously impacted.
2. TGL continued sales to try to rectify the issue of high sell back against lower sales. High sell back of millions were expected for November and December per month.
3. TGL has immense inherited problems because the directors admitted that the margins from the sales were not churned, leaving company unable to fulfill payments.
4. The October 2010 sales attempt fail to address high sell back situations but created another high sell back situation of sell back amounting millions in January 2011.
5. Directors of TGL resigned in mid-November 2010, leaving two investors who came in with investment and apply turnaround strategies and change the business model of TGL.
6. Part of the turnaround strategy included an informal SCHEME ARRANGEMENT to request sell back clients in December 2010 and January 2011 to accept delayed rebates and pay outs by 9-12 months.
7. In December 2010, TGL stop sales to deal with immense inherited issues and debts, and amidst negative reaction from customers and ex-agents with threats of lawsuits.
8. 8 Feb 2011, TGL filed for Voluntary Liquidation. TGL Singapore is in history now.
http://www.lioninvestor.com/the-gold-label/This post has been edited by prophetjul: Apr 27 2011, 10:34 AM 
Apr 26 2011, 08:36 AM
Quote
since I have only Maybank acct, I go for GSPA. but how to apply for it? I checked with maybank2u.com but cannot find one there. 
0.0209sec
0.31
6 queries
GZIP Disabled