Oct 9 2012, 07:19 PM
QUOTE(serenity22 @ Oct 9 2012, 06:47 PM)
What you say makes sense. I have invested also for the past one over year in genneva and based on my earnings of 2-3%p/mth(depending on promo!), i made around 30%p.a. Luckily when BNM raid, the gold is already in my hands so not so 'cham' as those who didnt recv the gold yet.
I took the gold to a goldsmith last weekend and was offered around RM168/gm for my gold wic i bot from genneva at RM200. This is a loss of 16% of my capital if i had sold the gold on the spot. And my nett gain is 14% if i less out the loss from my earlier 30% gains. So if you have bought from Genneva for over a year, you will not lose $$$
Although i am not so deeply affected by BNM raid and if really worst case- Genneva close down due to no funds and gold already, i do hope that BNM will come out with a final report and subsequently pass all the gold and money frozen to a private liquidator who will distribute proportionately back to the customers who didnt recv their gold or sell back cheques. They may not get back the full amount but then at least better than nothing.
If BNM sits on all that money and gold for years with no conclusive results then only the customers suffer, cos then BNM is just helping Genneva to close their company without any repercussions.
BNM or the governmenti should subsequently come out with an open law/regulation banning all such gold companies from operating. You cannot blame the customers from being angry at BNM, cos since 2009 when they froze the first Genneva S/B and till now no evidence of money laundering or illegal deposit taking(court case still pending!!!???) , and in 2010 the same company open again with diff name - Samudra GV and later 2011 Genneva Malaysia S/B as a syariah compliant company , BNM/MOT/POLIS MSIA has not done a thing about it!!
Infact Tun Mahathir officiated the opening of Genneva Malaysia S/B in 2010, New Premises opening was officiated by FT MCA Youth chairman in 2012 and Rosmah got souvenier (gold bar i heard?) and a cheque of RM100K for BAKTI at the GM Consultant Appreciation dinner early 2012. The attendance of all these ruling party dignitaries has given the impression that Genneva management has the approval, support and acceptance of the government!
Someone said that Bank Negara should have given a grace period to the Genneva management to return all the investments. During this grace period Bank Negara can then conduct their investigation and identify the legal loopholes and arm themselves to prosecute the management. Yes i also think this would have been the best instead of raiding on the 1st of the month and taking away even the employees salary cheques'!!!
Today is the 9th day and BNM has said to gv them 14days...so ........i hope BNM will do the right thing in 5days time!!
Glad to hear your money is intact. I took the gold to a goldsmith last weekend and was offered around RM168/gm for my gold wic i bot from genneva at RM200. This is a loss of 16% of my capital if i had sold the gold on the spot. And my nett gain is 14% if i less out the loss from my earlier 30% gains. So if you have bought from Genneva for over a year, you will not lose $$$
Although i am not so deeply affected by BNM raid and if really worst case- Genneva close down due to no funds and gold already, i do hope that BNM will come out with a final report and subsequently pass all the gold and money frozen to a private liquidator who will distribute proportionately back to the customers who didnt recv their gold or sell back cheques. They may not get back the full amount but then at least better than nothing.
If BNM sits on all that money and gold for years with no conclusive results then only the customers suffer, cos then BNM is just helping Genneva to close their company without any repercussions.
BNM or the governmenti should subsequently come out with an open law/regulation banning all such gold companies from operating. You cannot blame the customers from being angry at BNM, cos since 2009 when they froze the first Genneva S/B and till now no evidence of money laundering or illegal deposit taking(court case still pending!!!???) , and in 2010 the same company open again with diff name - Samudra GV and later 2011 Genneva Malaysia S/B as a syariah compliant company , BNM/MOT/POLIS MSIA has not done a thing about it!!
Infact Tun Mahathir officiated the opening of Genneva Malaysia S/B in 2010, New Premises opening was officiated by FT MCA Youth chairman in 2012 and Rosmah got souvenier (gold bar i heard?) and a cheque of RM100K for BAKTI at the GM Consultant Appreciation dinner early 2012. The attendance of all these ruling party dignitaries has given the impression that Genneva management has the approval, support and acceptance of the government!
Someone said that Bank Negara should have given a grace period to the Genneva management to return all the investments. During this grace period Bank Negara can then conduct their investigation and identify the legal loopholes and arm themselves to prosecute the management. Yes i also think this would have been the best instead of raiding on the 1st of the month and taking away even the employees salary cheques'!!!
Today is the 9th day and BNM has said to gv them 14days...so ........i hope BNM will do the right thing in 5days time!!
I always have this question to ask Genneva customer (not consultants) : Do you think that Genneva is not a Ponzi scheme ?
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