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 Genneva Malaysia ?, ponzi scheme ?

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b00n
post Apr 8 2011, 07:50 PM

delusional
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Have you done a search yet?
I google and found this:
http://chiefofficers.net/888333888/cms/ind...s_estet_sdn_bhd
QUOTE
Bank Negara Malaysia Investigates Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd
EdAssist 01 Wednesday 22 July 2009

The official BNM release is here: http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1874

Which was after they came out in the paper in July 15th.
http://thestar.com.my/news/story.asp?file=...5&sec=starprobe
QUOTE
Wednesday July 15, 2009

Genneva sells gold and is not a ponzi scheme, says firm


Thus if you want to know the credibality, pls contact BNMTELELINK as suggested in the first article

This post has been edited by b00n: Apr 8 2011, 07:52 PM
b00n
post Apr 29 2011, 10:10 PM

delusional
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Court hearing is on 22nd apr (final), so anyone got any infor on that?
http://www.bnm.gov.my/microsites/fraudalert/0301_status.htm
b00n
post May 4 2011, 12:03 PM

delusional
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QUOTE(Empathy @ May 4 2011, 10:29 AM)
But every 6 months the investor has the option to sell back the gold bar to Genneva at the actual price they paid . Example : if you pay RM 9000 for a 50 gram gold bar , you can sell back the 50 gram gold bar at the same price to Genneva 6 months later . So i cannot see how Genneva can generate profit to pay the investor 18 percent per year .  hmm.gif

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They will make profit if the price of gold goes up. They can easily convince people because Gold price is steadily climbing. Thus they buy back old gold and sell it at a higher price.

This will only work when Gold price is on the up trend. I think no one did ask the question of the opposite; i.e. if Gold price drops. What happens then?

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