3. Re-open the company for BAU (save the mentioned people's faces) and perform investigation and correct back what is wrong (if any).

Out of those 3, answer 3 will be the WIN-WIN situation.
I can some what assume if Ah Jib kor comes in and re-opens the company there might be a very high potential that he will gain 60K voters.

14 days? confirm ke? then it will not drag so long la as previously thought by some... 3-5 years..

Hulo alien, is all that they earn and can afford to buy those big buildings????????????? Look who is talking about knowing banking! In fact, how does big banks fail, lots fail in the US??? Also in the UK??? If it is that simple, with your examples, there isn't much left to buy big buildings etc etc......don't be naive. Your simple mind don't work out the strategies for banks. What was HSBC, JP Morgan Chase, Bank of England has in common??? What do Fed Res Bank of US earn their trillions?? and lots more! Why are all the banks in US failing and has to be bailed out?? WHY WHY??

Yes, RM250k (and not RM200k) is guaranteed by BNM, and how do BNM guarantee it???? Check that out. So you know a lot about banking and financial industry. 

I did not follow the whole genneva thing process so please help clear thing here.
That is why I put the word guess there....
Of course if you say the high return low risk thing is the first signal also can.......
But due to pro genneva say the company function is very normal in term of legal technicalities.
"Failure to submission since 2009" suits the failure in term of legal technicalities.
That is why I say that.

You have misunderstood about "Private Exempt Company" whereby the company is not required to submit the annual audit report but they still need to carry on normal auditing, tax return submission and annual return.

BNM did not mention they fail to submit audited accounts but failure to lodge statutory documents > STATUTORY DOCUMENTS are those documents which include the annual return filing as well, not necessary must be audit report.

I mean all suppliers of my company need to submit their documents with us for us to ensure that they've sound financial standing. You wouldn't want a supplier with weak cashflow to supply to a multi million construction project, do u?

Even if it is a exempt private company, the account still needed to be audited as the certificate need to be signed by an approved auditor.
That is what I understand from the above article.

If the account are audited and signed by auditor, isn't that mean the company is able to meet it liabilities as and when they fall due as at the date of the audited profit and loss account. as stated in Note 4 ©?

I am getting     

are you accountant?

obviously not. just asking because he's using some accounting terms.....

It's unfortunate that BNM is targeting gold traders. The implication of these raids is that BNM /govt can just practically kill your business by just suspecting you of money-laundering. Even if the suspicion turns out to be unfounded on investigation. No trading business is safe! The thing about Anti-Money Laundering Act is that the assets of the company would be seized if found guilty. What a treasure trove for BN war chest in the coming general election! Could this be the business version of the "Sodok Me" case? This is even better because there's real gold bars and not that kind of "gold bars", you know what I mean! 

If these gold trading companies are running a scam, the police (Commercial Crime Unit) would be the ones raiding for fraud. The fact that these companies have been running for so many years only implies that they are running legitimate businesses. Also after the destruction of Genneva version 1 caused by BNM raid, Genneva version 2 (Genneva Malaysia) was set up using the same modus operandi and yet no action by police for fraud. So are these gold trading companies running fraudulent businesses? The present (and past) BNM raids are all about money-laundering and deposit-taking offences, nothing about business fraud. I know some of you must be opining that our police are inept and only good at harassing Opposition members and their supporters but that is beside the point.

The affected buyers are the ones crying about their lost of income for their livelihood and children's education CAUSED BY THE BNM RAIDS AND NOT ABOUT THESE COMPANIES SCAMMING THEM. Many people lost their investments, like one angry forumer here whose sister is still waiting for her money after Genneva v. 1 was raided. Would she and others have lost heir investments had BNM not raided and froze everything? Genneva v. 2 would have learnt after all they are the same people(?) But I can't be sure though. I know of some of these companies took great pains to comply with whatever laws, and conditions set by govt agencies like SSM and BNM, liasing with them, yet are still raided. You just wonder if it is political or more than just "protecting consumers"!

The ultimate losers are the ordinary folks[. These are the people who try to make extra money legally through gold trading when opportunities are closing at every turn if you are not well-connected. And the well-connected investors probably got early warning before the raid! IF BNM/GOVT IS HONEST ABOUT "PROTECTING CONSUMERS" THEN BNM SHOULD QUICKLY SEPARATE OUT WHAT ASSETS BELONG TO THESE COMPANIES AND WHAT BELONG TO THE BUYERS AND RETURN THE BUYERS' INVESTMENTS AND ONLY FREEZE COMPANY ASSETS. But then that is like "kucing bertanduk" lah! So again the big losers are the ordinary rakyat....as usual! My sympathy to them. If they are holding the gold, my advice to them is not to sell them to quickly because the price of gold is expected to appreciate significantly in the next few years.

No need to pity all the CON-sultans...
They were earning RM30-40k per month easily...even better than a GM's salary. If any karma comes to them, it is well-deserved.

The only pity is the old folks who got duped into this believing it is all legit.
Especially. when the CON-sultans were using pictures of Dr. M and Rosmah to convince the buyers.

To those who quote karma this and karma that, I found this good quote from someone in another forum, just to share with those karma-this-karma-that smart alex:

"要給人希望，不要給人絕望。默默的關懷與祝福，亦是無形的布施。
凡事能站在別人的角度為他人著想，就是慈悲。
想著利益幫助他人，是慈悲；能真正付出行動關懷，是人間菩薩!!
(translation)
To give hope, don't give the people desperate.
Caring and blessing in silence is also invisible giving.
All things to stand in other people's shoes for the sake of others, is compassion. Think of interest to help others, is compassionate; can really pay the care action, is the human bodhisattvas!!"

Some of these senior CONsultants were making Rm30-40k a month. Easiest thing to get them for initially is for tax evasion because I doubt all of them filed tax returns to the amount they have taken as commissions and also Hibah.

Dear terry8, finally I see a good personality in this forum, kudos to you.

But I can't speak the same for this guy/gal: EddyLB who wrote: "You should show the philosophy to the bank negara officers...." I don't have to show anything to BNM officer, I don't because I SUPPORT, I REPEAT, I FULLY support what they did, afterall, it is their job, they are paid (from my tax money too) to do the job to investigate and ensure everything (Genneva, or whoever) is in proper, if not, then close it down, bring the culprit down, put them in their rightful place. But everyone is innocent until proven guilty, unless you are like one of UMNO guy who put people under ISA in order to protect her (Teresa Kok case, remember), that's why BNM said 2 weeks to revert.

Finally, I have nothing to do with you and vice versa, I do respect your freedom of expressing yourself, but, please, don't give me the "You should......" thingy, keep your opinion/advices about me to yourself, the last thing I want in life is getting your DIRECT advice, I do read your posting and advices, that's good enough. Also, "I told you so", "you all are stupid greedy" thingy that you propagated a lot here, I get you, all the 60k victim get you, if they loss their money due to Genneva closure, your "I told you so" doesn't bring any beneficial to anyone except maybe, I said maybe, your "Shiok sendiri" factor lah. Please have a life, you have posted hundred, if not thousand (a bit exaggerated here) of advices here, don't you think you have done the "job" excellently? I on and off reading this forum whenever I have some free time to burn, I guess, posting "advices" (not to me, please....I appreciate it.) seems to be your only life, judging from the number of post you have here. You are free to count my post too....hahaha, I am out of here, got to bring family to Shogun at Sunway Py. To other who's still hanging around, Happy forumming......, and ...you...go and get a good dinner, happy dining.

I wonder who are the "lucky" ones on the list. How inside is your inside information ?

Here SOS - The Star
Wow, a police report made based on assumption, I wonder where she got her source from. I think it is more proper for the lady to sue or make a police report for Genneva SG rather than Genneva MY.


Please read properly before bashing the Singapore lady...
You are the one who is doing the assumption at this moment.

I already ignore his reply. All no common sense.

To the rest,

met my buddy yesterday nite double confirm with him, was informed that the car that brought the gold was 2 Toyota Fortuner. Apologies for the wrong info earlier.