I think sengih's friend is right. They never use the word blacklist. They just mentioned not sanctioned.

How far does BNM has legal authority over genneva is still in question like what I asked in my previous post.

However if one has prove that genneva is indeed using "investment" as their soliciting act, then BNM and SC does have the authority to step in.

This post has been edited by b00n: Aug 9 2012, 09:50 PM

Boss, I think it is not the "form" that we should be concerned with. I believe it is the "substance" which makes BNM issue the warning on these 77 companies.

When questions of its source of income left unanswered (so many of us here asked so many times), it creates so many question marks over the head.

Tomorrow you just call this number 1300-88-5465. Press 2 for English, and listen with your own ears from the staff of BNM and ask them directly to clear your doubts lah.
Stop guessing from morning till night lah !!!

Why are you so concerned about how they profit leh?
You think the bosses are so stupid to tell you their trade secrets ah?

In that case can you ask KFC for their secret formula so that before you eat you know exactly what are the ingredients in case they put something like ganja to make you feel good in order to keep you go on eating them leh ??

Do you ask Banks where they invest to make profit to pay interest before you deposit your money inside ah? They say only invest here there, but where? Got proof ah?
What happen if they are doing illegal money laundering or forex scandal like what was posted here earlier leh? Nobody responded to that oh.

If you have completely no trust in them, just focus on some other investment lah!
Why keep on hogging on this issue 24/7 when you know very well you will never dump your precious money inside??
Don't torture yourself for nothing. Life is short.

This post has been edited by pokemonkiller: Aug 9 2012, 10:42 PM

Before i park my money with Genneva, i am an sceptic as well. I am a very conservative person and well verse with sayings like "if its too good to be true, it isn't". I have spent countless nights doing due diligence before i park my hard earned money. I am also doing my due diligence even until now especially with my money in.

Its really easy to be arm-chair critic and say everything is a scam etc. If you say you dont want to take risk and prefer to put in bank or under your bed i respect that. But why waste precious time here acting as rumour mongers and drive ppl off from potential platform that can bring them financial security?

As PatEagle and Pokemonkiller have posted more than sufficient point to allay doubt created by scare-mongers, i feel that its' best the scare-mongers put their time to better use. There is more than fair share of concerns in malaysia if you were to open you eyes. Why not show me what you have done with those issues instead? Alternately point me to a better platform, start your own thread. None? I wonder why?

At least we know KFC is selling fried chicken and bank lend money to borrowers at higher interest rate.

Can you enlighten us how genneva generate their profit?

This post has been edited by icemanfx: Aug 10 2012, 07:27 AM

Trades secret wor.........

Someone said we are armchair.....warmers.

Well, i have been to their meetings at the beginning....they cant answer the question above.

i asked

a) why pay for a gold BAR, yes a BAR, at 30% above spot? Its NOT jewellery......You are paying yourself the HIBah i have been in gold investment for the last 12 years, i have NEVER paid 30% above SPOT for
ANYTHING including numis let alone a gold BAR

b) Guarantee buyback is not written in BUT its spouted as TRUTH in the meetings..

c) As i follow their history, they tend to change their T & Cs like chameleons change their coclour

d) Some have actually experienced SLOW payments and delivery of BARS. What the heck? i get delivery OVER
The counter at the jewellers for the same price!

f) Fatwa said NOt Syahriah compliant.....Red FLAG
e) Why now the NEW conditions of contract? ,..... RED FLAG



What dont we know?......IT S a HIGH RISK way of investing...making Madoff look safer!





Looks like the with the new conditions, its entreing Hotel California......Get in, Cant get out..........

Hello Taliban, people talk about A and there are people like you who reply and talk about B.

The "Iceman" said at least he knows KFC is selling fried chicken huh? You call that a good reply? What was my question......read and understand properly please!!
In that case I can also reply and say "at least I know Genneva is selling genuine gold bar"...??

He also said at least he knows that banks lend money to borrowers at higher interest rate......?? Good reply heh?
Who are the borrowers/suckers who are so stupid to give the bank high interest rate?? Are they drug cartel people or Ah Long or what? Where is the proof?

Why you people never clarify and ask KFC and Banks to proof their business dealings/transactions??

Do you understand or know the reason why T&C changes or not?
Don't know ah? Why every now and then the stupid Banks suka suka will send piece of shit indicating changes/amendments to their original T&C one? You got call and ask them or not? Don't tell me you have never receive such thing!!
Also chameleons isn't it ??

The company IS NOT an investment company, therefore is not allowed and must not put in black and white such things as guaranteed returns, guaranteed buy back.....understand MR. Great investor??

The way you post here, it must be you who are asking annoying, irritating and stupid questions in their meetings, that is why they don't bother to reply you because there a lots of trouble makers out there who behave like you.

You have been investing in gold for the last 12 years ah? Where....maybank2u ah?
When you buy over the counter in the jewelers, they got ask you to sign S&P and have to wait for processing or not?

If you buy from jeweler A and immediately walk into jeweler B and sell back to them, do they give you the same amount that you have paid for at Jeweler A ah?
You just bought it loh, still very hot one, jeweler B should pay you back exactly what you paid for in jeweler A mah.

Fatwa is talking KOK because it is indirectly telling Syariah is stupid to say it is compliance a few years back. That applies to Muslim....not you unless you sudah potong leh!!

New conditions means to tell you to UNDERSTAND the "risk" involved (if you think there is any) and that you are "willingly" yet so stupid to dump you precious hard earned money inside.

If you think you are so intelligent, then don't sign and don't buy anything.....period!!

No one is forcing you to buy from them. Why you so tension and keep on asking the same old questions over and over and over like how they generate their income lah, why buy from them when their price is much higher than outside lah, blah blah blah lah!!

If you are so confident that this is a scam, just stop looking and talking about it!!!

I have told you people this before but it just cannot penetrate the thick skulls.

i am not even bothered with this CONsultant.........

i dont buy gold BARS from jewellers. Only SUCKers do that.......... END OF.

i have put some money into genneva, and upon hearing the many rumours and news, what i did was to spread out the investment. say if you have 100k inside, spread it to 50k and 50k among different time period.

if *touch wood* genneva has any problems, and does not return one of the gold bar, at least i still have one more and not lose everything.

this way we can reduce risk no?

OK, then what the hell did you write this??

d) Some have actually experienced SLOW payments and delivery of BARS. What the heck? i get delivery OVER
The counter at the jewellers for the same price!

It means that you have experienced before when you bought at jewelers, you get the delivery on the spot over the counter and no need to wait.
That is why you asked the question why slow payment and slow delivery of BARS ...... right or wrong??
Answer directly and don't twist and talk something else please.

Ohhhhh killa likes SEmantics..................

i compared with jewellers because GM uses the goldbeam price which jewellers do as well.............

AND i ASSume that i get those displayed bars in them windows IMMEDIATE over the glass counters, NO?

After payin of course, dont wanna killa to think otherwsie........

i use SPOT prices.........git it, sonny?

Why you always and only ASSUME and you talk so big one? I thought you have bought before over the counter at the jeweller and immediately got the BARS, that is why you asked the question why in this company called GM people have to wait SOOOOOOO LOOOOONNNNNNG to get the BAR !!!

I don't care whether you are talking about SPOT prices ke or your mata is full of SPOTS and cannot see what is going on in this world

I only know it is all imagination and assumption...too heave dosage of ecstasy pill I guess..

-Of course people are concerned how they make money or generate money to be giving out such returns to all their clients. People don't like the idea of investing in a dying company.

-Its not a trade secret. Some smart agents can explain the concept of how Genneva can grows themselves. Its just many agents are clueless. Heck many insurance agents here are quite clueless so can't expect much from Genneva agents.

-KFC's trade secret is brand franchising. Not their chicken.... Many chefs can make the same or better fried chicken. But KFC is the most famous one because it is the most recognized fast food franchise in the world! Its the McDonalds concept of just being everywhere and in your face!

-As for banks. If you know people you can interview them where they invest. But good luck with that. Banks are very big corporations that have their money diversified everywhere.

Hello there are something called audited report, if you really want to see how KFC, Poh Kong, Tomei, bank etc earn their money you just have to read through the report. It is explained very clearly in there, so all these nonsense about goldsmith earning money secretly etc etc. Bank suka2 charge interest rate etc...is all nonsense.

The way Genneva makes money is no trade secret. They sell gold at 30% above market price and then give you back the 'excess payment' as 'interest rate/hibah/whatever'. Then from the price arbitrage between the actual and selling price, they will invest as interest separately as interest free loan, probally into leveraged gold investment. The company have nothing to lose and bears no risk, but the customer bears all the risk if the gold price is lower and/or the re-purchase price is not equal to original purchase price. This is nothing more than Genevva selling the customer a put option with his own money and bearing all the risk, while the company gets away scoot free.

Like this kind of deal also got customers want to buy? A lot of naive greedy investor around...?

P/S Genneva got audited report or not?

---

Added on August 10, 2012, 11:54 amInvesting in the same thing twice will not reduce your risk.. the risk stays the same. Invest in DIFFERENT investment will diversify your risk.

This post has been edited by gark: Aug 10 2012, 11:54 AM

http://www.gennevaworld.com.my/index.php/g...t-need-licence/

Datuk Joseph Kow: “There is no need to obtain a licence or approval from Bank Negara to operate a gold trading business in the country. A gold trading company will need a banking licence from the authorities if they are selling gold as a form of investment that generates interest."
“A gold trading company only needs to register with the Companies Commission of Malaysia to do business,”

i ASSume based on what i see...at the jewellers shop. BUY over the counter....

BUT i am not a SUCKer to but BARS at the jewellers at obscenely hiked up prices which you are
encouraging ppl to do at GM...........

I am not a scammer to advise ppl to pay 25 to 30% for a bar when that can be bought for 3 to 5% over spot.......kiddo

Go back to ecstasy ranting at ignore

Son, I took your advice and called BNM.

A nice friendly lady who spoke very good English answered and I asked her about the 77 companies that BNM listed. I ask those usual questions and got some formal answers like politicians' reply. Then when I pop the big question "boleh invest kah ?" she replied

After talking to BNM, I strongly advise everyone who wish to invest in these companies to call BNM BEFORE you part with your money. Remember to ask the last question specifically mention Genneva's name. You will get a very definite answer !


Again, please get advice from BNM before you invest

whats ?

Hmm that means Genneva is lying through their teeth. Hibah don't count as interest ah? Looks the like it, smells like it, sounds like it, but it is not IT.

Now gold price is falling.. see how long until the pyramid scheme can last?

This post has been edited by gark: Aug 10 2012, 12:25 PM

Its not i-n-t-e-r-e-s-t. Its H-i-b-a-a-h........