This is better being discussed in gold topic. 

I repeat my previous question - what happens after 10 months?

After 10 months, where is the money going to come from? If I buy and sell repeatedly, that's going to make it worse.

I'm not sure if you are completely useless at arithmetic, or you are just a conman scammer? Which one are you?

consultant? more like hard-core sales person to me.

meet a few of them since 2008... none of them talk, walk or even presented their facts like a real consultant.

btw, a friend of a customer of mine was conned a few hundred Ks after a year with them... heard that he couldn't raise the case on court because of the clauses on their TnC docs favoring to the company.

but good to know these sales-person anyhow. at least u get the idea how a conman is like. 

Mr. Pat Lu do not know how to differentiate gold trader and Ponzi scheme agent. If you check the article of Genneva in the newspaper or their facebook, you can find that they are just telling you that they are gold trader but nothing about their ponzi scheme.

They try so hard to destroy their reputation/ image by twisting, fooling, deleting comments which are not favor to them.

What a flimsy excuse. Change of management will cause disruption until interest is not paid and the buy back period stretch 6 months until next year ? If this sort of management is running a company, then the company is hopeless 

There were so many banks change their management but I have never heard them telling their customers "patient...patient....give us a little bit of time to sort things out. We will pay your FD principal back in 6 months time..." wahahaha 

You are missing out on an excellent opportunity to make your money work harder for you.- Pat Lu

Very simple answer : Greed ! 

If a person is not greedy, he will be rational and never be conned

“If you’re not brave, you will always be poor.”- Pat Lu

There are many things going on in the oil market you guys don't know. Who actually owns the oil? A country? Or a few persons who sit in the boardroom of a company which controls and extract the oil from the oil field?

Just a simple question: who has the say in Petronas? Is it the Prime Minister? Is it BN?

That's why you are posting unproven things here.

It is not called greed. It is creating wealth for the layman.

I am sorry, I do not see any "red" flags.

Oh, not Nigerian e-mails. We don't ask for your bank account details. You pay by cash or cheque, we give you solid gold, it is so straight forward.

---

Added on September 17, 2012, 10:03 am

Lets just say I am in the higher echelons of Genneva management. I knows what is going on in Genneva.

Of course I myself buy Genneva gold, many kgs in fact. I manage a team of consultants, and all of them are driving BMWs or Mers now.

(Rice_Owl84 @ Jul 16 2012, 10:47 PM)

This 3% stunt is quite scary.  Its move they are doing in order to get their old customers to top up.  Yes they have to top up in order to get the promotion.  So they can get more money into their cash flow.

This move look like it can either build or bust Genneva.  If gold price were to go up then yes genneva is safe with much more cash flow and this stunt worked.  If gold prices fall hard this stunt will scar them bad!!!

But what is also scary is the new document they are making the buyers sign. In that documenet it states that Genneva guarantees nothing and it will not guarantee it will buy back.  NO MORE GUANRANTEES this time.  Its like a big hint to pull out.

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.

10. Does GENNEVA guarantee the buy back?
■No. You have the choice to sell back and GENNEVA has the discretion to buy at a mutually agreed price.
■GENNEVA  does not in any manner, directly or indirectly, at present or in future gives an undertaking or guarantee the repurchase of the gold products sold to its purchaser (no buy back guarantee).

Genneva - Syariah Compliant Gold Products



GENNEVA's Syariah compliant gold products were officially launched by the former Prime Minister of Malaysia, Tun Dr Mahathir, on 15th December 2010.

10. Does GENNEVA guarantee the buy back?
■No. You have the choice to sell back and GENNEVA has the discretion to buy at a mutually agreed price.
■GENNEVA  does not in any manner, directly or indirectly, at present or in future gives an undertaking or guarantee the repurchase of the gold products sold to its purchaser (no buy back guarantee).

Genneva - Syariah Compliant Gold Products



GENNEVA's Syariah compliant gold products were officially launched by the former Prime Minister of Malaysia, Tun Dr Mahathir, on 15th December 2010.

Dear Valued Clients and Friends,
Be assured that your faith in GENNEVA is not misplaced. You are in safe hands.



WE CELEBRATE BNM for cautioning the public. There are 22 gold companies on the list of 77, copycats doing similar business. They do not have the solid standing as GENNEVA has; namely,

► GENNEVA directors have combined experience of 100 years in gold mining, gold trading and marketing.
► GENNEVA has seven branches and four representative offices in Malaysia and Affiliate Partners in five countries -- China, Hongkong, Indonesia, Singapore and The Philippines. (No other homegrown gold trader has that large a network.)
► GENNEVA has more than 50,000 customers (and growing) just in Malaysia. These satisfied customers are backed by over 6,000 committed consultants across the country.
► GENNEVA boasts more than three Billion Ringgit sales turnover.

GENNEVA is here to stay long term. While the misunderstandings and misperceptions are going on, GENNEVA is moving forward like a bullet train. View their newly launched website at http://www.gennevaworld.com.my/ .. and if you are on Facebook, "Like" http://www.facebook.com/GennevaWorld to be updated on the what's happening in the world of gold and money.

Many companies came and gone; and left their clients stranded. We have shown we can ride any crisis even when the price of gold went down. The gold is the hands of the customers.

Be assured that your faith in GENNEVA is not misplaced. You are in safe hands.

Why is that anyone's concern? You are not "investing" in Genneva Malaysia Sdn Bhd. You buy PHYSICAL GOLD and you hold the gold in hand, similar to buying physical gold from other goldsmith shops. So why bother about the company's paid up capital?

Genneva people got split personality is it ?

When talking to Bank Negara and in the press, they are gold trader. Pure buying and selling of gold. Cannot say got % returns and guarantee buyback because of Bafia Act

But when they talk to the customer, they must mention % interest/discount/hibah because without the %, no customer will buy expensive gold bar from Genneva. So, this 2% interest is the main attraction to the customer paying expensive gold bar. But this same 2% cannot be told to the authority

I start to pity the Company. Got to put up 2 faces all the time 

James 1
A double minded man is unstable in all his ways.

Wow, if it is really true that the management can commit this huge mistake in Singapore office, is it fair to cast reasonable doubt that the Malaysian office is subject to the same management risk also ?

1 con-sultant can kill Genneva SG. Really safe to invest har?