Hey! Anonymous me...I just want to know when Genneva Malaysia can give gold bar to investor(my friend)?? Already wait for a month still didn't received the gold bar !

This offer to your friend expires September 26, 2012 at 6 am Malaysia time.

Is there any offer in this world that goes on forever?

You walk into Giant or Tesco, you see all the offers, the date (from when to when) is always specified or "while stocks lasts". No offer in this world lasts forever.

Of course I have to set a date, my offer, my decision when it should end. Take it or leave it. The offer was on since last week, not a single credible response.

In the 100m race, people who prefers to walk/crawl to the finishing line should not stop those who prefers to make a dash for it. The same for investment. You can take it or leave it. You can walk or crawl to the finishing line, or just stay put and watch the world pass you by. No one can stop you.

Your money, your decision. Stop whinning.

What @eddy wants to say is, if we walk in Giant or Tesco, we have guarantee that the offer will be there because the physical mart is there for us to sue should we find anything wrong.

For your case, they are not convince as your so call "offer" has no credibility. If someone really does all the things you required, and you suddenly vanish out of thin air (by not online and del your lowyat.net account).. Who to look for in order for them to claim the gold?

Genneva can always says, oh, who the heck is Anoy me? We dont know, we dont even authorize him/her to offer this kind of offer. There is no such thing.....

Unless of course, there is black and white from Genneva stating that they are prepare to offer anyone gold bar should anyone find Genneva is fraud or scam. Or they authorized you to give such offer. If not who are you to offer such?

Its like saying, if anyone find lowyat.net a forum who scam people money, I (nickname) is prepare to pay rmxxx amount of money. Only the founder of this forum has the power to offer such offer or authorized representative.

So your arguement in this matter is invalid.

[SINGAPORE] Genneva Pte Ltd, a gold trading company offering a "buyback" scheme, appears to be in hot water.

At least one customer has recently won an interlocutory judgment against it in the Subordinate Court, pending an assessment of damages. It remains to be seen, however, whether she will recover her claim of about $190,000. Genneva failed to respond to the writ of summons or to contest the case.

The plaintiff, Lee Bee Ghok, is represented by Goh Kok Yeow of De Souza Lim & Goh.

A second writ of summons has also been filed in the Subordinate Court claiming a total sum of roughly $86,000.

A number of other customers are also looking into launching a lawsuit against the firm for its alleged failure to honour its part of the agreement to buy back gold. One group of about 60 customers, representing a total of roughly $10 million in gold purchases, is understood to be consulting lawyers.

Genneva is on the Monetary Authority of Singapore's Investor Alert list of unlicensed entities. Its scheme basically sells gold to customers at a hefty premium of 20-30 per cent. Customers, however, are told that they enjoy a "discount" of about 2 per cent off the headline price.

They are given the option to sell back the gold after a pre-agreed term of one month or three months. The gold can be sold back at the headline price and customers get to pocket the so-called discount. Assuming monthly rollovers, this could mean a return of as much as 24 per cent a year.

Genneva's website lists a price of $96 per gram as at August. This is the equivalent of about $96,000 per kilobar of gold. UOB, which offers gold investment services, sells gold to the public at about $74,500 per kilobar.

Sources said that the firm had also offered a "safekeeping receipt" (SKR) scheme some years ago, where the customer does not take delivery of physical gold. The gold is held by the company for safekeeping, and customers can exercise the option to withdraw via a "sellback".

Genneva director Leow Wee Khong could not be reached. Calls and e-mail to the company were not answered.

More recently, a source said, customers were marketed a scheme similar to SKR, but under a contract linked to a Malaysian company.

BT understands that in the last few months, customers have not been able to sell back their gold. Agents are also owed commissions for up to six or seven months. Customers that BT spoke with managed to make at least one rollover, earning 2 per cent, after which some invested yet more money.

Spot gold price touched a high of US$1,888 per ounce last year. It is now trading at US$1,759.

Customers who bought from Genneva are in a bind because of the high premium paid. Those BT spoke with paid between $91,000 and $93,000 per kilobar. UOB will buy back from the public at about $69,400 based on yesterday's indicative prices.

Some customers are believed to have filed police reports. A police spokesman said: "It is inappropriate to comment on police investigations, if any."

Based on Genneva's latest available filings, 2009 revenue came to $236 million. Assets totalled $67 million and liabilities, $68 million. Paid-up capital came to $500,000. The company was registered in 2008 with four directors, three of whom are Malaysian.

The three Malaysians - Marcus Yee Yuen Seng, Ng Poh Weng and Chin Wai Leong - are also directors of Genneva Sdn Bhd. They are being sued by Bank Negara in Malaysia for alleged illegal deposit taking and alleged offences under anti-money laundering laws. The case is ongoing.

In Singapore, there are four apparently related Genneva companies registered as businesses. Apart from Genneva Pte Ltd, there is also Genneva Remittance, set up ostensibly for remittance services, and Genneva Syariah, described as gold bullion traders and dealers.

In March, Genneva World Pte Ltd was registered also for gold trading. It has six Singaporean directors, one of whom is Mr Leow, the Genneva director.

Customers are concerned that assets of Genneva are being transferred to Genneva World, which is expected to trade on a similar business model. Sources say that some customers have been invited to transfer their contracts to Genneva World, but they are asked to keep 30 per cent of their gold holding with the company.

Genneva's model appears to fall into a grey regulatory area. Because there is typically a physical purchase of gold, the company is not classified as an investment adviser. The so-called discount that customers are extended is also not described as a yield or return.

Meanwhile, on its website, the MAS warns against schemes that dangle high returns, citing gold buyback schemes. It urges customers to question how the returns are generated, and whether the operators are regulated.

Genneva's model appears to fall into a grey regulatory area. Because there is typically a physical purchase of gold, the company is not classified as an investment adviser. The so-called discount that customers are extended is also not described as a yield or return.

Meanwhile, on its website, the MAS warns against schemes that dangle high returns, citing gold buyback schemes. It urges customers to question how the returns are generated, and whether the operators are regulated.

I wander if Genneva Msia directors ll somehow, someday claim tat those Genneva Sg directors r so coincidently same name s their.

Since they hav been giving stupid excuses for the past few wks.   

The Genneva investors can't differentiate a scam, PONZI from an investment opportunity of a lifetime, and yet you think playing around with so thickly veiled sarcasm is going to do them any good?

Let it be known that the offer has expired. No one came forward with anything concrete.

This is my last post here. I am leaving this lame forum and going back to Uncle Martin's blog, because nothing new here, same old vinyl records, same old songs by same few singers being replayed over and over again. Boring and lame people who knows nothing but to KPKB.

Bye.

Not agreeing or supporting him, but just curious why no one took up his challenge? Lazy to go read all 53 pages .

But of course this guy should pass the gold bar to a third party ( someone reputable), when he issue such a bet 

Yes Eddy, that is correct.....but shld not inflict hardships on customers. Now looks like by raiding, they cause hardships instead of penalising the company, it is not the company that cause the hardship, it is the raiding parties..........so in the end result, who is making this difficult?? Just because they want to investigate, doesn't warrant them to penalise the customers.....I can't see the logic unless they also during the course of investigation release what is rightfully customers' to the customers. Just my opinion.

       

Well it does not matter now right? We have been telling all the forumers for quite some time that the house of cards are coming down. What I think BNM is doing is correct, they are freezing the asset so that the Genneva directors are not able to run away with the money and gold is EXACTLY like what they have done to the singapore branch. If the company does have the asset, they will likely to return the asset to the owners similar to the swiss cash debacle (although just a small amount recoverable). But often these companies that has been raided mostly have liabilities > asset, hence BNM is not able to return any of it. Look at the singapore case, the company is practically empty, with no cash and no gold. Also with the Samudra case (which is owned by the same directors), basically it is also an empty company with no cash and no gold, so how can BNM return any? GM will be probably the same case as most pyramid scheme is. We do not want more Malaysians to suffer by get trapped in this scheme while the owners go rich and happy. All these get rich scheme only enriches the owners and salesman.

You may be pro or anti genneva, it does not matter, this is a forum and all of us can give our views whether good or bad. I do not think the investors are stupid, in fact as Boon pointed out most of them are quite intelligent and knows just exactly what they are getting into. They just wish to gamble and earn maximum amount before the music stops. Their only weakness is their insatiable greed.

History has proven again and again these pyramid scheme are not viable and bound to collapse sooner and later. Our job here is to educate these investors, whether they listen or not is another story. I am glad you got out unscathed and get to enjoy your 'gains' (although is another poor sop's money). I hope you have have a happy and content life with those bad 'karma' money. I really pity those who has joined only in the last weeks or so, haven't get their gold and hibah yet despite all the info posted here. In fact BNM has given PLENTY of warning including a full page advert in the newspaper, did the investor heed the words? Well we have done our part in explaining very thoroughly and to listen or not is their choice. 

2. (Please stay with me for this one) Based of fact, If you buy Tons of gold it will be cheaper than buying grams. so lets say current Market price is for 1kg is RM177,420.00 (actual current market price at the time I wrote this) if you buy by the TONS I am certain you can get 10-20% cheaper than normal price. So let say the actual price bought is RM 150,807.00 which is 15% less. The company has save RM 26,613.00. But the company sells it at 20% extra which sums up to RM 212,904.00. So the company gives 2% return to investors and 0.5% commission to agents for a period of 3 months with adds up to a total of RM 4,790.34 per month times that by 3 would be RM 14,371.02. So if we take this amount which the company profited earlier due to purchase price discount RM 26,613.00 and deduct the commission and stuffs which is RM 14,371.02 shouldn't it be that the company already profited RM 12,241.98? further to that the company also profit from the Gold future price which normally has increased.
errr... I believe you quoted the wrong person. The one with the mystery person story was from aronteh. Not me.