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.

10 August 2012, THE STAR, Nation, Page 33:

Gold traders: It could be a misunderstanding

GEORGE TOWN: Some gold trading companies could have entered Bank Negara’s consumer alert list due to a misunderstanding, said the Gold Bullion Entrepreneurs Association of Malaysia (GBEAM).

GBEAM secretary-general Datuk Joseph Kow said the misunderstanding might have occurred when some customers misunderstood the gold products they had bought from these companies.

“When they make certain queries with Bank Negara regarding their gold purchases, they could have used terms like interest and investment to describe the transactions.

“The terms investment and interest could have triggered Bank Negara’s alert system, prompting it to place these companies under its consumer alert list,” he said.

Kow was commenting on news reports about some gold trading companies that had appeared on the consumer alert list.

He explained that 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.

However, he said gold trading in the country had been deregulated since 1987.

“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 only needs to register with the Companies Commission of Malaysia to do business,” Kow said.

It was reported that Bank Negara has blacklisted 77 companies involved in unauthorised and illegal transactions amid reports of RM100mil being lost monthly to commercial crimes.

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

Hi Boon, hopefully the news article below enlightens you and everyone following this thread...

The goldco had subsequently put up 2 forms for ALL their customers to fill up and sign as follows :
Form SCG712-1 Safe custody of gold products
Form NPG712-1 Payment for new purchase of gold products from Genneva Sdn. Bhd.
These forms were actually to transfer all the risks of the goldco’s buyback arrangement to the customer.
Form SCG712-1 is summarized as follows :
We, the undersigned, hereby intend to sell the following gold product(s) to GMSB.
Pending the completion of the sale of these gold product(s), we hereby deliver the above mentioned gold product(s) to GMSB to be held in safe custody on our behalf.We hereby confirm that we are making the above request and delivery on our own free will.
Form NPG712-1 is summarized as follows :
We the undersigned, hereby intend to utilize the proceeds of the gold products sold by us to GMSB towards payment of our new purchase(s) of gold products from GMSB.
Accordingly, we therefore request GMSB not to issue the cheque for payment of the gold product(s) sold by us to GMSB (“Sales Proceeds”).
We hereby expressedly authorise GMSB to retain the sales proceeds and utilise the same towards payment of our new purchase(s) of gold products from GMSB.
We hereby confirm that we are making the above request and authorization on our own free will.


http://www.martinlee.sg/genneva-gold/comme...ge-14/#comments

From Genneva facebbook on gold coin scams

Some dealers could be pushing offers for gold coins that
they hold for you. Make it a point to appreciate the safety
and care of your investment. If you can, take delivery.
While you will likely always have the option available to
have your dealer store your holdings, experience suggests
that undesirable things can happen. Storage costs can be
significant and onerous, and unless you can easily visit
the dealer’s premises, how can you be sure that the coins
exist?

http://freeinvestingtools.com/wp-content/u...5_gold_coin.pdf

experience suggests
that undesirable things can happen.

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? 

That's your personal opinion, that Genneva is lying, limited by your education or too much "education" a shame to the university you graduated from, for simply jumping into conclusion publicly without doing your homework. Or is this what your parents taught you to do?

Many companies came and gone; and left their clients stranded. GENNEVA management have shown they can ride any crisis even when the price of gold went down. 

Do your homework before slamming anyone. Thank you.

That's your personal opinion, that Genneva is lying, limited by your education or too much "education" a shame to the university you graduated from, for simply jumping into conclusion publicly without doing your homework. Or is this what your parents taught you to do?

Many companies came and gone; and left their clients stranded. GENNEVA management have shown they can ride any crisis even when the price of gold went down. 

Do your homework before slamming anyone. Thank you.

That's your personal opinion, that Genneva is lying, limited by your education or too much "education" a shame to the university you graduated from, for simply jumping into conclusion publicly without doing your homework. Or is this what your parents taught you to do?

Many companies came and gone; and left their clients stranded. GENNEVA management have shown they can ride any crisis even when the price of gold went down. 

Do your homework before slamming anyone. Thank you.

The goldco had subsequently put up 2 forms for ALL their customers to fill up and sign as follows :
Form SCG712-1 Safe custody of gold products
Form NPG712-1 Payment for new purchase of gold products from Genneva Sdn. Bhd.
These forms were actually to transfer all the risks of the goldco’s buyback arrangement to the customer.
Form SCG712-1 is summarized as follows :
We, the undersigned, hereby intend to sell the following gold product(s) to GMSB.
Pending the completion of the sale of these gold product(s), we hereby deliver the above mentioned gold product(s) to GMSB to be held in safe custody on our behalf.We hereby confirm that we are making the above request and delivery on our own free will.
Form NPG712-1 is summarized as follows :
We the undersigned, hereby intend to utilize the proceeds of the gold products sold by us to GMSB towards payment of our new purchase(s) of gold products from GMSB.
Accordingly, we therefore request GMSB not to issue the cheque for payment of the gold product(s) sold by us to GMSB (“Sales Proceeds”).
We hereby expressedly authorise GMSB to retain the sales proceeds and utilise the same towards payment of our new purchase(s) of gold products from GMSB.
We hereby confirm that we are making the above request and authorization on our own free will.


http://www.martinlee.sg/genneva-gold/comme...ge-14/#comments

Hi Boon, hopefully the news article below enlightens you and everyone following this thread...
Cheers and have a blessed GOLDEN day! 

Pat Lu, (012) 210 4898 or email: goldgoose.my@gmail.com
Senior Consultant @Work
with The World’s Most Innovative Gold Industry Leader
Member, Gold Bullion Entrepreneurs Association of Malaysia (Gold-BEAM)

GBEAM secretary-general Datuk Joseph Kow

whats      ? 

Hmmmm.. the same few thick skulls talking the same KOK and BULL stories.

Sickening lah.

Why don't they go and ask BN if they can invest in the hardware shop near their house and see if BN will say "boleh invest kah ?"
Small kids can talk better than them lah.

If too many of these people start asking BN this kind of stuuuuuuuuuupid question, one fine day they have no choice but to list down this hardware shop under the 7777list of companies that are not licensed by BNM to take investment lah !!!!

Can they also tell what is the different between Islamic Banking and normal Banking ah?

Why you need Islamic Banking? Both also giving you interest mah.

10 August 2012, THE STAR, Nation, Page 33:

Gold traders: It could be a misunderstanding

GEORGE TOWN: Some gold trading companies could have entered Bank Negara’s consumer alert list due to a misunderstanding, said the Gold Bullion Entrepreneurs Association of Malaysia (GBEAM).

GBEAM secretary-general Datuk Joseph Kow said the misunderstanding might have occurred when some customers misunderstood the gold products they had bought from these companies.

“When they make certain queries with Bank Negara regarding their gold purchases, they could have used terms like interest and investment to describe the transactions.

“The terms investment and interest could have triggered Bank Negara’s alert system, prompting it to place these companies under its consumer alert list,” he said.

Kow was commenting on news reports about some gold trading companies that had appeared on the consumer alert list.

He explained that 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.

Son, you ask me to call. And I actually called.

Now the answer is not good to you. You angry at BNM.

So, what else you want me to do ?
p/s did you call BNM arr....if you haven't, you should do it now. Remember to ask "Can I invest in Genneva kah ?", ok ? 

You again pusing the story......when did I show my anger to BNM leh.
Why you don't understand the example I give you one?? I am telling you about a "Scenario" where you ask BNM about the hardware shop and see if the response is the same as what you got when you called up leh.

But the problem is that you asked the wrong question leh.

How many times must they tell you it is NOT an investment company but you keep on asking them CAN INVEST IN THIS COMPANY AH?
Of course they will be puzzled and ask you back "BOLIH INVEST KA?"
Common sense lah.

By the way since you are so good in research, go and find out who is the chairman now and see if you can approach him and ask all those question that you have been talking here for so long. So many negative remarks coming from you people already tarnishing the image, I guess by the time you managed to see him, your backside will tear already .
You don't know who is he isn't it? That's the problem.

Hi Boon, hopefully the news article below enlightens you and everyone following this thread...
Cheers and have a blessed GOLDEN day! 

Pat Lu, (012) 210 4898 or email: goldgoose.my@gmail.com
Senior Consultant @Work
with The World’s Most Innovative Gold Industry Leader
Member, Gold Bullion Entrepreneurs Association of Malaysia (Gold-BEAM)

Why link to hardware shop? Those are not investment co.
Genneva is an investment co (in terms of ponzi scheme). They are never in a gold trading bz. Stop twisting. Your co. supply chain already proof it.

Why you people still cannot pick up what I am saying one?

I am giving you "EXAMPLE". You understand what is meant by EXAMPLE or not?

Hardware shop is a trading company. If you call BNM and ask them whether can INVEST in the hardware shop or not they will tell you "BOLIH KA?

No need to proof this proof that.
If you are so positive that it is a scam why are you wasting so much of your energy and time posting here???

Go and look for "reliable" and "trustworthy" investment company lah !!
Spend your precious time there.......NOT here.

If people want to be suckers to get con by this company let them kena lah.
You have already given your expert calculation and risk factors, blah blah blah for them to analyse.
If they still got no brain and don't listen to you, it is their business loh.

There are some more 76 companies under the BNM list.

Go through them one by one and study them and give your expert advise lah.

Mr Pokemonkiller. Needn't be so angry lar - U share your pro Genneva views, others share their "becareful" views.
Thus, if U can share your gung-ho support, why can't others balance the scale by stating some items to be aware of?

Don't lar start attacking personally - all the "becareful" views are stating evidences, whereas from my perspective, the supporters of Genneva are stating "heresays" and no solid evidences. Note - evidence = from a reputable third party, say BNM,
or
a "business profit method" thus Genneva can afford to pay back their "investors", or now known as "traders".
or
the structurally iffy (to the "traders"/buyers) contracts one has to sign.

Just a thought - not wishing anyone's "backside tear" as U so eloquently put it to EddyLB 
".... So many negative remarks coming from you people already tarnishing the image, I guess by the time you managed to see him, your backside will tear already.."

Encik Sengih, u "conman sultant" GMSB kaaa? In investlah oso same story.. Why not u call by yourself BNM Link by yourself??? Your friend told u aarr??
Told yaa: Public Awareness.... Check...
Tick Tock Tick Tock..... How many days left before "they" come in???