Police report lodged against Genneva Malaysia in the Star today.


KUALA LUMPUR: The Muslim Consumers Association of Malaysia (PPIM) lodged a police report against a gold investment company alleging the company continued to claim its investments to be syariah compliant despite being renounced by the National Fatwa Council.

The report was made by PPIM executive officer Mohd Mustaffa Hamzah at the Ampang district police headquarters here Wednesday at 12.30pm.

“We made the report so police can carry out investigations into why the company still states on its website that it is syariah compliant, and hopefully make them remove such claims,” Mohd Mustaffa told reporters.

On July 11, the National Fatwa Council declared that Genneva Malaysia Sdn Bhd did not comply with syariah and national law in its gold investment transactions.

“Companies cannot simply claim they are syariah complaint when they don't follow the regulations, this can be very misleading if the public remains unawares,” said Mohd Mustaffa.

He added that the PPIM had recieved over 30 complaints from the public regarding the contradictory situation.

Mohd Mustaffa claimed that an investigation by the association revealed Genneva was operating without a license to take deposits.

“We worry that should the public continue to invest in Genneva, they could stand to lose their money should the company prove to be fraudulent,” he said.

According to the Bank Negara Malaysia (BNM) website, in 2009, it began investigations into Genneva Sdn Bhd under suspicion of conducting illegal deposit taking activities in breach of Section 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).

This post has been edited by jimliew: Aug 1 2012, 02:30 PM

Dont cincai tarnish Genneva name.... Later those vested will shoot the heck out of you.

Must ask @PatEagle to clarify the above news.......

VETO power ke? Thought Augustxxx has that, not the birdie?

*ahem*

"Those are baseless reports attempting to discredit our company. Our legal counsels are studying the possibility to seek legal avenues to stop these blatant lies. To our investors, please remain calm and if possible come to our office to seek clarification. And don't forget to bring your cheque books along"

Right...... Agent 777 ... totally forget about him.

Boss 777, the consumer and BNM is yakking nonsense... Please defend our mighty company...

Our company have tonnes of gold in the safe, please dont let the police/SC raid everything. Its our gold...

MY PRECIOUS......

I like your Golum impression..
..and One company to rule them all (suckers)

Ok ok sorry ar Mod(s) for turning slightly into kopitiam style posting, can't help myself. Comedy lar the paper thin defence and i seriously like the Golum and gold thinggy

Wow! 77 Co ?

But BUT they are not under Bank Negara............

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Added on August 2, 2012, 9:49 amNEWS FLASH
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NEW STRAITS TIMES (01 Aug 2012)(p B4 Biz Times)
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Bank Negara warns public of fake letters

Published: 2012/08/01

KUALA LUMPUR: Bank Negara Malaysia (BNM) yesterday advised members of the public to exercise due caution when dealing with companies or individuals using acknowledgement letters purportedly issued by Bank Negara Malaysia to solicit investment in financial schemes involving gold and other precious metals.

The central bank said it has received enquiries from the public in relation to companies which represent themselves as scheduled institutions with BNM to solicit investments from the public.

“Bank Negara would like to state that under the Banking and Financial Institutions Act 1989, a company that conducts either leasing, factoring, development finance or building credit activities only obtains a written acknowledgement from the bank.

“Such an acknowledgement letter by the bank does not amount to a business licence or approval by BNM in respect of the scheduled business stated in the acknowledgement letter, or other businesses carried on by the scheduled institution concerned,” it said in a statement.

The central bank advised the public to exercise due caution when dealing with companies or individuals that use such acknowledgement letters, adding that a register of these scheduled institutions is maintained for statistical purposes only.

Meanwhile, if a scheduled institution does not, or ceases to carry on its scheduled business, BNM would proceed to withdraw its acknowledgement letter.

For further information, members of the public may refer to the Financial Consumer Alert which is available on BNM website, http://www.bnm.gov.my. Bernama

Read more: Bank Negara warns public of fake letters http://www.btimes.com.my/Current_News/BTIM.../#ixzz22JUgxoo4

EVERYONE WHO HAS EVER BEEN APPROACHED BY A GENNEVA FOOT SOLDIER TRYING TO RECRUIT HIM TO JOIN THE RANKS OF THE GENNEVA ARMY WOULD HAVE BEEN SHOWN A COPY OF A BANK NEGARA LETTER OF “APPROVAL” FOR GENNEVA TO CONDUCT “LEASING AND FACTORING” WHICH MAKES GENNEVA A BANK NEGARA “SCHEDULED INSTITUTION”, THUS BY THE GENNEVA REASONING THEY ARE APPROVED BY BANK NEGARA TO DO GOLD TRADING. WHAT ON EARTH HAS LEASING AND FACTORING GOT TO DO WITH GOLD TRADING?? THIS BNM WARNING MAY PRECISELY BE FOR THE PURPOSE OF WARNING THE PUBLIC ABOUT COMPANIES SUCH AS GENNEVA MALAYSIA SDN BHD.

http://www.martinlee.sg/genneva-gold/comme...#comment-133250

This post has been edited by prophetjul: Aug 2 2012, 09:49 AM

Got few friends in for few kg of gold, good piece of info to share with them

Ask your friend to keep the gold lor.... Dont give it back and have nothing in return....

Although purchase with high price, but something is better than nothing....

See #22

From March until today, I can see all the rubbish comments posted in this forum.
No one seems to understand the business model.
First of all it is not an investment scheme, therefore has nothing to do with BN approval. It is not taking any form of deposits.

It is just a gold smith shop that sells you gold and give you a discount which is given back to you not at the time of purchase but spread over a few months.

Just imagine you are buying a gold ring from Poh Kong or other gold smith shop and they give you a discount. The discounted amount is given back to you spread across a few months. That's all !!

You call this a scam or illegal??

Come on .... go to the shop and sit down there and see for yourself.
Don't just sit in front of your PC and start googling here and there to find negative remarks like what you can see in this forum. There are lots of cyber troopers out there who are working for other competitors to write negative remarks because of jealousy seeing the business growing so quickly.

Do you know that there are quite a few more companies doing the same thing but their names do not appear anywhere and you guys have not heard of them before and cannot even google their company name?

For the commenter "lunchtime" who screams that the company is still owing his wife some outstanding amount from his previous purchase when the company was raided by BN, why can't he just pay a visit to the office at Kuchai Lama and look for the owner who sits at the top floor everyday? He will be glad to see you and settle the problem because he is not hiding somewhere where you cannot find him !!

Unless of course you are just a cyber trooper trying to tarnish the image of the company !

and how and why did this company managed to be in the BNM and SC lists again?or they just wrongly put inside there only just for fun? surely there must be reasons for that other than just because you guys are 'only' selling gold?

Scam.. Stay away

Boss, to convince people, let me teach you.....

Engage a lawyer. Sue BNM. Sue Majlis Kebangsaan Hal Ehwal Agama Islam Malaysia. Get court injunctions. Make police report. They are the ones who are "tarnishing" your company name. Not the "cyber-trooper". They are harmless small ciku.

Please help your agents to continue selling. Now they have difficulties selling because of all those warnings by BNM and Islamic authority. These reports are in newspaper, facebook, blogs, radios, everywhere. You need to back your agents up with some solid black and white proof that you are legal. Otherwise, when the agents also loose confidence then you are doom.

Take action against BNM and Islamic authority ! Do it quick ! Mere denying here won't help anymore. Consumers are not stupid already.....

Unless BNM made some severe printing errors, i don't think we're stupid enough to test Genneva with our hard earned $.

Look son <koff><koff>, most of us old folks here knows that one doesn't need to test a black mamba's bite to know it's deadly, we just R&D and learn/check from various trusted sources. In fact, common sense tells U something's fishy already, unless greed has already gotten it's fangs into one.

Now, if U do want to test something which is ALREADY known to be bad for U (health or finance), do go ahead but making statements about cyber troopers? A person with 2 posts in LYN is slinging that all the fellows here posting are cyber troopers? Too rich a comedy

This post has been edited by wongmunkeong: Aug 3 2012, 11:08 PM

When the business began to boom, lots of people began withdrawing from their FDs and the Banks tak bolih tahan and therefore instigated BN to investigate which until today still find no evidence of fraud as its business model complies to BAFIA and AMLA.

That is why the company is still operating and growing everyday with branches in Singapore, China, Philipines with billions of sales turnover and the bosses are still walking around town like nothing has happened!!

But you people are jumping up and down claiming it is a scam just because you can find its name in BN website!!

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Added on August 3, 2012, 11:13 pmDid I say every single one of you are cyber troopers?

No isn't it?

This post has been edited by wjmatcool: Aug 3 2012, 11:13 PM

So why aren't they suing anyone for libel yet?

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Added on August 4, 2012, 12:51 am

Stopped reading here. Maybank made Rm4.7 billion profit last year. Do you think they can't stand a few people withdrawing FDs?



This post has been edited by wodenus: Aug 4 2012, 12:51 AM

Goldsmith shop? I did not know you all do sell bracelets and chains.
Poh Kong did not give discount on gold price. NEVER.