Son, I am a very obedient father, so I found the answer.....

Q : "A hardware shop ask me to invest in the company, can invest arr ?"

Her answer to my question is :

1. If it is your friend (ie you are not considered as a person of the public), then BNM cannot campur tangan
2. If the hardware shop is selling to a person of the public a piece of screw, then BNM cannot campur tangan
3. If the hardware shop is selling to a person of the public a piece of screw, and promised to give some form of returns, then BNM can campur tangan

So, what I understand is : if a company (be it gold bar or hardware shop) takes deposit from the public (be it "buy", "invest" or whatever terms they use) , and the company promised some form of returns (interest, hibah etc), then you got to have licence from the authorities.

So my son, the answer is the same. If a hardware shop sells a piece of screw at 20% higher price than other hardware shop, and promised you a 2% pm return, then YES, the hardware shop needs a licence because the company is in the business of taking deposits from the public with some form of returns

So, ask your chairman to be a pure simple gold bar/coin/bullion trader. Don't say will get interest lah, hibah lah, guarantee buy back lah. Sell just like Poh Kong, Tomei, Maybank, UOB etc. Right hand receive money, left hand pass gold bullion. Plain and simple business. Don't need to scare your "backside will tear" by Bank Negara

hehe - no worries ProphetJul.
I think Sya's just responding via my post to Pokemon or other supporters.

Funny lor - supporters getting personal, ie. attacking personal or sounding more & more like thugs.
If readers can see with 100% clarity those who are posting "bewares" evidences and where "we are coming from" (ie. we don't really need the hassle to post such but we've been through / seen some cons before and THIS looks similar.... thus beware), especially U, a gold investor when it was DOWN in the pits (talk about buying ultra low.. heheh)

I have posted enough already and this will be the last one.

You people might be thinking that it is very "shiok" to keep on saying scam, scam, scam, blah, blah, blah to advise people that you know a lot in terms of investment and you all are directly hitting at one company in particular and not in general to advise people to be careful about lucrative investment schemes.

However by doing this, people's business is affected.
If it is a small company which is located under the staircase/elevator, you can happily do that.
I am merely telling you fellows that you are indirectly affecting somebody who is.........haha you go and find out who lah.......if it goes beyond people's tolerance, then "backside will tear lah"
Simple as that.

Happy SCAM broadcasting !!

I find it amusing that some ppl will spend whole day here day in day out to become self appoint vigilante and to all out to describe something that is less than perfect as "scam". Nothing in this world is risk free. I was wondering what ppl like prophetjul do for a living? full time genneva debunker? how does that generate income?

Nahhhhhhhh i do it as a service to the public and fer FUN.

Read my sig.........

Woohoo....my son has gone, and here comes another warrior.... Don't let the music stop please

Don't like that lar.
This is a forum mar - just bouncing ideas / discussion, heck, even heated discussions hehe.

Share lar who "somebody" is, don't half-share, half-hide, forum leh, not striptease.
And why "backside will tear" by just discussing what to go for or watch out for?

CHALLENGE ACCEPTED
Why link 'invest' with a trading company again? What kind of invest you are referring. You try to damage my brain or what?

You can only invest if that trading company is a public listed company and thus you buy the shares.
Genneva is a private company. This company try to raise funds or earn big profits by taking the moneys from the public with ponzi scheme method, which the goods sold with much higher premium price. (it has no longer to do with supply, demand and equilibrium price) It does not need to be gold but with a bottle of sands you can do that too. This is illegal and don't tell me this is an innovation investment scheme or what trading business.

EDIT: Private company can only get funds from the existing shareholders and legal institution ie. bank (pay interest). If you get funds from public and pay interest, this is illegal. BNM can take action due to the social affair/ consumer affair.

This post has been edited by doraemonkiller: Aug 10 2012, 05:59 PM

DELETED.

i'm out of this thread... bye.

PS. scared i kena 3 days suspension.



This post has been edited by j.passing.by: Aug 10 2012, 10:18 PM

+1. LYN needs more people like you and WMK to educate the public to prevent more people from falling into such "financial traps". Do keep it up.

After all the warnings from BNM, SC and the newspaper articles, if gullible people still want to take the "plunge" -> what else can we do?

This post has been edited by chabalang: Aug 10 2012, 09:31 PM

if i recall correctly , for the past 2 or 3 days ago i try accessing the website and i click FAQ but nothing appear . so it might be a newly added page or perhaps my internet connection

Now it is so well known that these scheme is illegal and public is well aware of these scheme then people will stop buying gold from them and sooner or later it will collapse....

what part of the scheme is illegal?

Are you kidding me? Or trying to increase your post count? Don't you the comments and BNM announcement.

Now now. No &*%(%(^!%$$(!@ words please. We are civilised beings. Please be open with feedback be them -ve or +ve. We are here to discuss and check our risk appetite.

You will be surprised if you know how banks make money other than lending people/corp money with high interest. As some forummers rightly pointed out, no company will be stupid enough to disclose their strategy to make money 100%.

A check with mr google, hibah = gift, grant. Further info - genneva originally used "discount" over the purchased golds. Just like when you buy gold at pohkong where they give you discount immediately, but genneva give the discount over a few months. Now use the term hibah. Sounds syariah...

Risk is very individually linked. If you cannot tahan high risk, too bad. Can tahan, then go ahead. No point in attacking/defending without concrete evidence. Opinions and hearsays will make people more confused. Fact is, I also called BNM and like some forummers pointed out, you have to ask the right question - so, I asked "Can I buy gold from Genneva?". The answer is yes. You well know that Genneva is not an investment company, so, why ask the question "Can I invest in Genneva"? Similar to what some forummers pointed out, you ask BNM "Can I invest in xxx company"?, definitely BNM will check whether xxx co has investment/banking license and if xxx don't have the license, BNM will answer with a big no.

---

Added on August 11, 2012, 12:18 amWhich part of the announcement? The BNM recent announcement is quite generic and did not specify any company. From my understanding, BNM is trying to increase public awareness of investment risk which is their responsibility as the country's central bank.




This post has been edited by sengih: Aug 11 2012, 12:18 AM

1. Genneva give interest instead of 'discount'. The discount you referring on goldsmith shop and Genneva is totally different. All goods sold are the final price like how you buy your cloths or shoes with after discount price.
2. Genneva is an investment company not a business of trading/retail. Do check their supply chain.
3. Ponzi scheme. The premium that paid by the new comer have to 'donate' money to the existing players. When there is no more cash in, cash flow issue occur as there is no other income for them. Google it yourself and check how the game end.
4. Illegal deposit taking. Which is different with legal organisation ie goldsmith shop and institution ie bank. Maybe Genneva try to operate like a bank.
5. Wrong info. Fraudulent. Con the customers with the name of Poh Kong, ex-PM, third party buy back rate.

---

Added on August 11, 2012, 12:31 amhttp://www.bnm.gov.my/documents/2012/Finan...lert_listEN.pdf

Genneva Malaysia Sdn Bhd (Gold investment)
Please don't repeat that Genneva is a trading company instead of investment company. Do check the defination and their SUPPLY CHAIN.

This post has been edited by doraemonkiller: Aug 11 2012, 12:31 AM

2. I am very curious on Genneva's supply chain. Can you help elaborate?
3. I understand ponzi. However, how can ponzi work when the customer receive their purchased gold?
4. Not sure about deposit taking. Customers receive gold, right? Elaborate please.

Do read the whole pages then if you want me to explain question stated above.
It seems like you choose to open one eye and close another eye. If still want to pretend cannot understand then do look for Pat Lu for a good lesson and experience http://www.facebook.com/patlu

This post has been edited by doraemonkiller: Aug 11 2012, 12:39 AM

Wow, honest questions, replied by name-calling. TQVM. Very "helpful".

This post has been edited by sengih: Aug 11 2012, 01:33 AM

--deleted-- sorry, confused about the different *monkillers.--

This post has been edited by howszat: Aug 11 2012, 01:11 AM