Actually why you guys choose Genneva???
Banks also got Gold account.
If you don't trust bank, why trust Genneva?
If want internationally recognized goldbar, that would be PAMP Swiss gold bar.
It comes with birth certificate number......

This post has been edited by anudora: Jun 25 2012, 06:48 PM


Attached thumbnail(s)

http://www.bnm.gov.my/microsites/fraudalert/0301_status.htm

It is amazing to find that the company had been in a court case since 2009 but there are still thousands of people support the company.
Maybe the court case had been going quite a long time but it is not closed yet and there are no clear winning side. Yet people rush to support the company. If people would be a little more careful when dealing with company that are being investigated, then they would not have to cried now.

Instead they put the blame on BNM for the raid with all sort of lousy accuses. Singapore also conduct similar raid on Genneva on the same day. The victim should think rationally and not put the blame on BNM. Are they going to say the same about Singapore side as they say about BNM. I don't think so. Singapore is a successful financial centre. I think if Singapore side conduct the same raid operation on Genneva, then something is terribly wrong with Genneva. This people that support Genneva had been brain washed and cannot think rationally.

Not here to support whatever side, but people should think rationally.....

Good question!

I would be honest with you. I donno about that and cannot answer it.

However, I have another much more interesting question.
In the example of madoff scam, are there any victims that had been scammed by the company in the early years (before the company go bust) ?
If the SEC had raid Madoff in early year, who the people are gonna blamed? Blame SEC for raiding OR Blame Madoff?
The Madoff scam went undetected until the company bust and then people blamed SEC for not doing the job. So what SEC need to do?

Interesting???

Thanks for sharing the real life story of your family member. I feel pity for her.
I think third party can manage this sort of thing rationally and much better. What I see in this forum is that the real victim did not come out and share this kind of thing. They either vanished from the forum or did not accept the reality and protected the company until the very end. Of course they are also victims that only want back their money. The twitter posting of the victims are all over the place. Some with stories of using the hibah to pay for medical fees....bla bla bla. Although donno if it is true, I feel sad for this people. However, in this forum there are people that seem to protect the company with all sort of excuses and attacking people that are against them. Not feeling sad for these people but rather frustrated with them.

If this is true, then BNM act TOO SLOW. 2009 until 2012 was like 3 years.......
If the company is not summiting their account, HOW IS THE COMPANY LEGIT??????
Yet so many people fail to see this.

If only BNM act faster, then there will be less victims.
The fact that BNM acted so slow make people think the company got no problem and somehow legit since no authorities raid it!

This post has been edited by anudora: Oct 5 2012, 12:54 PM

Thanks for clarifying things here.

So I guess the first warning signal is when the company fail to submit account to SSM.
Since Genneva is an investment company, I think the responsibility still fall to BNM.
Maybe they really need 2-3 years since the companies in the alert list on their website is so long.
I knew BNM had include Genneva in the alert list but lots of victim still believe the company.
The attitude of the people are like the list is non-relevant.
Donno what to say.....

This post has been edited by anudora: Oct 5 2012, 01:13 PM

I did not follow the whole genneva thing process so please help clear thing here.
That is why I put the word guess there....
Of course if you say the high return low risk thing is the first signal also can.......
But due to pro genneva say the company function is very normal in term of legal technicalities.
"Failure to submission since 2009" suits the failure in term of legal technicalities.
That is why I say that.

This post has been edited by anudora: Oct 5 2012, 01:34 PM

The kind that go bust!

BNM Press Statement from their website

http://www.bnm.gov.my/index.php?ch=en_pres...ac=2666&lang=en

Update on the Joint Raids on Genneva Malaysia Sdn Bhd

On 1 October 2012, joint raids were carried out on several premises of Genneva Malaysia Sdn Bhd as well as on the residences of the Directors of the company by the Royal Malaysian Police, Bank Negara Malaysia, Ministry of Domestic Trade, Cooperatives and Consumerism and the Companies Commission of Malaysia.

Genneva Malaysia Sdn Bhd and its related companies are being investigated by the relevant enforcement agencies for suspected offences which include illegal deposit taking, money laundering, tax evasion and avoidance, false description including misrepresentations, appointment of agents without licence and failure to lodge statutory documents.

Relevant assets and documents of the companies seized from the raid will be preserved for the purpose of facilitating the investigations. The relevant enforcement agencies have mobilised the necessary resources to expedite the investigations.

Members of the public are advised to check with the relevant authorities when dealing with companies or individuals offering seemingly attractive business opportunities or financial services that are not licensed by the authorities. Members of the public are reminded to be cautious in investing in unregulated schemes. The enforcement agencies will take action on illegal financial schemes to protect the interest of the investors and the public at large.

For more information, members of the public may contact the following:

BNMTELELINK (Customer Contact Centre)
Tel: 1-300-88-5465
Fax: 03 - 2174 1515



The Royal Malaysian Police
Bank Negara Malaysia
Ministry of Domestic Trade, Cooperative and Consumerism
Companies Commission of Malaysia

5 October 2012

Bank Negara Malaysia
05 October 2012

That is because of the Blue ocean strategy and new innovation in the art of scamming!

3 more scam companies!
Well, pro Genneva got their gang for rally...
And the shit just hit the fan!

This post has been edited by anudora: Oct 5 2012, 09:49 PM

Even if it is a exempt private company, the account still needed to be audited as the certificate need to be signed by an approved auditor.
That is what I understand from the above article.

BTW in Note 9. Henceforth, annual returns with respect to AGMs held in the calendar year 2008 and thereafter would only be accepted for lodgement by the Registrar if they are accompanied with a copy of the relevant audited accounts or, where applicable, a duly signed certificate relating to exempt private company.

My understanding is that the Annual Returns still had to be lodged together with either audited accounts or certificate. Or am I missing something.........?

This post has been edited by anudora: Oct 5 2012, 10:39 PM

If the account are audited and signed by auditor, isn't that mean the company is able to meet it liabilities as and when they fall due as at the date of the audited profit and loss account. as stated in Note 4 ©?

I am getting

This post has been edited by anudora: Oct 5 2012, 10:49 PM

Wow, nice article. Absolutely superb

The one that are gonna lose everything is the one that borrow money from the bank to invest in scam.
You can read the article in the link below. Pretty scary......


http://theangryinvestor.blogspot.com/2012/...mention-on.html

PAMP Suisse Gold bar is well known and world recognized. AFAIK, original packaging is better la.

However, physical gold bar trading in here depend on several big market player. I once ask a gold shop that sell the PAMP how is the selling price if I want to sell back to the shop. She say 20% or something(forgot already but I think a bit too much) below market price for PAMP. Needless to say I didn't buy it because I did not think I could earn much from such big different in buy and sell price. It literally mean gold price need to rise more than 20% or MYR fall more 20% compare to USD to earn money. And it is hard to sell it to other people.

This post has been edited by anudora: Oct 7 2012, 11:45 AM

From my previous post, you should have known that I do not own PAMP.
And I do not trust the thing I see on FACEBOOK especially in doing business although I own a facebook account.

This post has been edited by anudora: Oct 7 2012, 12:08 PM

I am quite disturbed by their blind support for Genneva. They mocked all the other banks or investment funds for paying them little profit and praise Genneva like Chai Sen for their "profit sharing". At the same time I feel sad for them. Many seem to have invest their whole saving in Genneva.

So many days had passed, until now they still support Genneva. That are their choices. Cannot really blamed them because reality is hard too accept.
For these people, I would advise "Hope for the best but prepare for the worst" They can hope for the best but at the same time, they should be prepared and start planning in case the worst happen. They should plan for their next step of action if everything fails. But this is easy to say than done considering the current situation and the emotional worry feeling they had.

This post has been edited by anudora: Oct 7 2012, 01:45 PM

Now that you say the payload, harrier sure cannot carry that kind of weight load. That guy sure lie.
I search on website and get the answer for Toyota Harrier Hybrid 3.3 which is 606lbs or equivalent to 275kg.
Source---> http://www.supahcars.com/faq2.php?id=2750&faq=123

Maybe the SUV model not same but the weight load difference will not be too big.....
Wonder if the boxes got indication of word GOLD outside but inside is paper!!!

http://thestar.com.my/news/story.asp?file=...9&if_height=516



Genneva said cannot issue public statement.
Look like another company just issued public statement. And the statement come from the company CEO.