KUALA LUMPUR: The authorities in Malaysia have raided gold trader Genneva Malaysia Sdn Bhd and its affiliates for suspected offences under the laws administered by the respective enforcement agencies.

Bank Negara said on Monday the joint raiding operation was carried by the police, Domestic Trade, Cooperatives and Consumerism Ministry, Companies Commission of Malaysia and the central bank.

BNM said Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in Singapore.

"The public is advised to be cautious in investing their money to avoid becoming victims of activities that are illegal and in breach of the law," said BNM.

There would be a new company set up.... 

Dear Gark,
Allow me to quote your post:"How come the pro Genneva 'investors' all so quiet liao? whistling.gif"

Also allow me to "dis-quiet".........

Judging from you putting the "whistling" gif, you seems to be very happy or enjoying seeing people suffering from their stupidity of insisting investing their money into Genneva. You will say: "Serve them right!", right?

We are all adult, greedy or not greedy, we chose our life path. There are plenty of advice here NOT to go in, we hear you, but we take the decision of going in, if we ultimately turn out to be stupid and lose money, it is our loss, vice versa, if we gain, it is our gain. On the same note, it is your right to laugh at pro-Genneva people for being stupid/greedy, but it also reflect your bad personality "whistling" at people misfortune/stupid loss.  When people lose money because of their greed/stupidity, the least you can do is to remain neutral or hoping them learning a hard lesson, the LAST thing you should do is to add salt to their wound. what do you gain out of it? I would say you get "shiok sendiri" (which is your right) in front of your PC lah. I deserve my right to think of you - gark, as a childish person.

BTW, I am one of the Pro-Genneva guy. I still have a few hundred gram in it which I can afford to "lose" it as it is already a "loose change" I have earned from earlier buy/sell. We take our chances (stupid or wise, up to each individual choice), some had made really big, some made small or may lose if Genneva close now. It is people choice. Your can advice, comment, "forumming" about it, but "whistling" at Genneva-loser? I rest my case.

FYI, I still received my "hibah" last week, as scheduled. BNM raided the office recently will be just another day in life, chances taken, earned it, done it, that's it, life go on. The extra money from the hibah will be used for my coming Samsung Note II, life worth to enjoy, not taking happiness on other's sorrow even though the "other" are not as wise as you! (the "other" can be kind hearted than you as I know some of these "stupid" investor donate their time and money for charity).  As of the gold (which you may like to think it is fake one, I don't know) in hand, can be handy as paper weight next to my Razer mechanical keyboard as my aircond have strong blower. You like Genneva to closed shop, you may got your wish now, chapter closed. So, I think you can rest now, take time to do some reflection, learn to be a better, caring person, enjoy the life you have, continue advising but don't laugh at people's misfortune/stupidity...don't!
Sorry, too serious already, time for COD3......bye .... Happy Mid-Autumn, Tq

I agree with you MBC270cdi, It is a very sad day to those who are in the waiting period. Few of my friends are now stuck since they haven't get their gold yet. I sincerely hope the government can finish their investigation ASAP so that the investors can either continue their business or get their funds back.

I understand that there are more than 60k people who are investing with Genneva. Some of them are people with influence. Hopefully they help to get this expedited.

I know according to Gark (in spoiler below) based on history, can consider the investment money totally lost, but still this is an assumption. For all we know once the investigation is complete the company returns back to business as usual. What I am saying here is that, till it becomes fact please refrain yourself.

Today's Star newspaper report contains an article about some of the Genneva agents/consultants. One of them is called Pat Lu, maybe the same one as here?

This Pat Lu has been asking her relatives and all people she know to invest in Genneva and using the "profit" to fund her son's college fees. Now she is blaming Bank Negara for shattering her income by raiding Genneva   

Is that why she and the other Genneva agents/consultants have disappeared from here? Because they now in deep, deep trouble.........

(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.

I humbly suggest you go Lowyat and ask how much will a CPU cost you if you buy 1 unit vs how much it will cost you for 100 units, btw this same method is applied for Diamonds and Gold as well. However for diamonds it works slightly different whereby it is "sold/release" once a year for all the major distributors in which the more you buy, the cheaper the price.

I give you another live example, how can Habib Jewel, Poh Kong and whatever gold selling companies give you 70% discount during sales period? if their cost is high?
Bro, spot gold price and retail gold price got difference. Spot gold is the exact market rate without getting the real gold. Retail price is inclusive of currency exchange, manufacturing, security, transportation and etc charges (that I dunno of) included in so it is different all together.

You might not be a geneva agent but you sure as hell are one of those gold agent scammers with your 10-15% guaranteed return per month scumbag company. Everyone look at his forum signature.

http://imgur.com/eMbcD
Precisely.

Zack, don't talk cock la, 15% per month?  Lol

You still play badminton now?  We now play in sportsaffair in segar perdana.  Come and join us la.

celicaizpower aka Zack 33 year old drive proton saga very old model, love badminton, love modding his saga, love cameras, has no idea what is life.

Anyone who interested in getting 15% return per month you can contact him 0173287833

Even when buying simple stuff like machinery nuts and bolts, my boss wants the supplier to send us their audited accounts and bank statements and Forms 9, 24 and 49 to know that they're a legit business with sound financial standing.

Yet Genneva clients can surrender their hard-earned RMXXX,XXX or even millions (well, maybe their dough are not hard-earned? ) to a company that did not have their accounts audited.

Ref No : 10/12/08


Embargo : For immediate release

Update on joint raids conducted by enforcement agencies on companies suspected of conducting illegal investment schemes using gold

The Attorney General’s Chambers, the Royal Malaysia Police and Bank Negara Malaysia, would like to provide the following update on the recent raids against companies suspected of operating illegal investment schemes using gold.

These raids were conducted in the interest of protecting the investors as well as the public at large from falling victim to illegal schemes.

Based on surveillance and examination conducted on these companies, it has been discovered that these companies are operating schemes that are believed to be not sustainable to provide the promised high monthly returns, nor would they be able to provide the buy back guarantee of gold. Such schemes are not sustainable because the returns promised are not funded through gold trading, but from the monies invested into such schemes. The investigations have also revealed that the amount of assets and monies held by these companies do not commensurate with the amount collected from their investors.

Prior to the joint raids, it has been noticed that these companies have delayed in returning gold or money to the investors within the stipulated time as promised. Such signs are early warning indications prior to the collapse of such schemes that would result in significant losses to investors.

For more information, members of the public may contact the following:


BNMTELELINK (Customer Contact Centre)
Tel: 1-300-88-5465
Fax: (03)2174 1515



The Attorney General’s Chambers of Malaysia
The Royal Malaysia Police
Bank Negara Malaysia

Bank Negara Malaysia
10 October 2012

© Bank Negara Malaysia, 2012. All rights reserved.

Genneva Sdn Bhd.
Ng Poh Weng, 60, face 263 charges involving RM185mil while
Marcus Yee Yuen Seng, 58, faces 234 charges amounting to RM153mil and
Chin Wai Leong, 34, face 210 charges involving RM212mil.
Liew Chee Wah, 56, faces 89 charges involving RM31mil. (former director)

Genneva Malaysia
- Dato' Sunny Yee - 30years gold mining experience
- Dato' Ng Poh Weng - Ex Poh Kong co-founder
- Dato William Chin - Certified Accountant

The Star Oct 15th 2010

GM sos

Thing is, a lot of these consultants still believe that there really was 500kg of gold in a shoplot at Jalan Kuchai Lama when BNM raided, so if assets not tally than its BNM who songlap it.